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BITCOIN HITS ANOTHER LOW

How low can it go?

by Poker King|September 30/2019|views: 119

The firstborn cryptocurrency fell to $7,898.57 around 5:00 UTC after keeping steady above the $8K mark for a while. The recent $10k crash is not over yet, opening more discussions of potential bottom prices and when Bitcoin will hit the lowest price in months.

The so-called fear and greed index jumped from a low of 12 to Extreme Fear with current levels of 27. Developed by CNN Money, the Fear and Greed index measures the two main emotions for investors – fear and greed, affecting investors’ desire to pay for stocks. Based on the premise that fear can result in trading stocks well below their intrinsic values, thus greed can result in being bid above from what they are worth. The Fear and Greed Index examines 7 separate factors to measure the fear and greed in the market, scoring sentiment on a scale of 0 to 100.

Latest Crypto Fear & Greed Index

FEAR AND GREED INDEX FACTORS:

  1. Stock Price Momentum – measures the S&P 500 (Standard & Poor’s 500 Index) vs. its 125-day MA (moving average).
  2. Stock Price Strength – calculating the number of both stocks hitting 52-week highs vs those with 52-week lows on the NYSE (New York Stock Exchange).
  3. Stock Price Breadth – analyzing trends in trading volumes in rising stocks vs. declining ones.
  4. Put & Call Options – analyzing the number of put options lag behind call options, surpassing them, or signifying greed.
  5. Junk Bond Demand – Appetite for strategies with a higher risk, measuring the spread between junk bonds and yields on investment-grade bonds.
  6. Market Volatility – CNN measures the VIX (Chicago Board Options Exchange Volatility Index), focusing on a 50-day MA.
  7. Safe Heaven Demand – the difference in treasuries vs return for stocks.

BITCOIN STILL DICTATES THE RULES

The crypto market shrank down to $48 billion for the past 24 hours. The share of Tether (USDT) now trades at 69%, taking up to 34% of all crypto volumes, whilst BTC is going down to 28%.

Despite all positive developments that happened in 2019, the price didn’t follow any predictable patterns. Bitcoin remains unpredictable.