Bitcoin rallies despite its lowest “Fear and Greed Index” of 2022
17 May 2022
The price of Bitcoin is up 2.40% at $30,555.20 on mid-Tuesday trades.
Bitcoin was down 4.63% at $29,055, on Monday, closing below the significant $30,000 – level ending a 3-day winning streak and reversing Sunday’s gain of 4.15%.
Bitcoin’s “Fear and Greed Index” falls to a 2022 low at 8/10, its lowest level since March 14,2020. The decline on Monday came as investors across the global equity and crypto markets response to dire economic data from China.
Bitcoin price on Tuesday witnessed bullish intervention as price pops back above the $30,000 – level, a psychologically important level. However, a firm bullish momentum will be established only when the price raises above the $29,700- $32,630 range.
On the technical side, the RSI of Bitcoin stood at 35.95 and is currently trading below all SMAs: MA (20), and MA (50) but above MA (5). So, SELL position can be taken with the following target and stop-loss: