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Coinbase direct listing (Not An IPO!) was a huge success and $COIN trading is open at Nasdaq making Coinbase the first company to go public. Bitcoin price is currently in the greedy stage and losing $61,000 may trigger short term bearish sentiment. So, first let’s take a look at Bitcoin Greed Index.
Bitcoin Greed Index Suggests ‘Wait Before Trade’
As per the crypto analytics firm cryptoquant, Bitcoin price is currently in the greed zone with greed index rising steadily since February. Analysts further explain,
though it is a not a bearish sign but also not an ideal time to buy as well.
The fear and greed index shows the extent to which a market is leveraged in the derivatives trading market and for Bitcoin it seems pretty high as of now. It seems more and more investors have doubled on their leverages in order to increase their position size. The analysis suggest a “wait and watch” approach and not to rush in piling up their existing positions.
Bitcoin Price Hangs at Crucial Support Level
As per famed analyst by twitter handle, @livercoin, the Bitcoin price is hanging at a critical support range and price can go both ways in short term. As per his analysis, bitcoin is trading at danger levels and may turn bearish in the short if price dips below sub $61k levels.
Investors should wait for a high time frame close above $63.5 for taking long positions on Bitcoin.
Meanwhile, the recent jump in Bitcoin price seems to be a effect of COINBASE Listing as Bitcoin is again retracing back to initial levels whilst trying to hold $61k support.