The BTC Market Emotion Index – Is the Market About To Smile!?
A Game of Coins
Post turmoil where various outlets including social media, forums and media were burning up with posts and headlines of “we’re going under”, we have seen a relatively quiet time within the cryptosphere of late.
From a short term view point, instead of creating TA that lays the law of what the RSI , MACD and Elliott wave is indicating, we can cut it down and distil it into three simple categories showing Market emotion.
We’re in the indifferent phase currently, however, we have just passed a critical point of resistance. With BTCUSD pushing past $9,000 and breaking out of the bear market trend line set by the recent volatility , the Market emotion is clearly starting to present itself as taking a breather, had a little food and is getting back to normal. No more hangry bear!
Of course, time will tell as to whether or not the bear has been put back in its cage and the next bull unleashed, however, there is an air of positivity and we may just see the market about to smile.
All eyes on 10K BTCUSD and which direction we proceed from there.
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