Daily Report – Bitcoin and Market Update (September 07 2022)

HTF 12H:

The daily, and middaily charts are giving more detailed outlooks for BTC price movements, from the perspective of developing trends.

It seems that BTC is willing to continue to move lower, as it keeps breaking local supports. At any time a sideways or correction pattern unveils, it meets a selling pressure with following breakdowns.

The CTF Trailer keeps declining, as the main trend indicator. The CTF Stop is at 20230 USD, and as long as it’s not reclaimed by the bulls, the bears will hold the upper hand in the market.

As a result, the downwards tendency prevails, as BTC nears the June swing low levels at 17500 USD.

Again, BTC proves that failed patterns perform better in the opposite direction than initially anticipated.

MTF 4H:

The MTF outlook for Bitcoin displays an instance of a continued down trend.

Note, the trend pushing south is of way greater length and consequence than any smaller movements on the left hand side. This persistence is what differentiates sideways moves and actual trends, moving in a given direction.

The CTF Trailer has remained on the bearish note ever since breaking the 24100 USD support level at the time. For now, the main resistance is at 19347 USD.

The bulls must reclaim this level, in order to regain the control over the market.

Unless that happens, the bears are in control and may continue to sell off into even lower regions – beyond 17500 USD.

FEAR/GREED INDEX:

Overall, very little change since the latest market updates.

At 24 points on the index scale, there is a continued “extreme fear” season, it seems.

As mentioned recently:

“Sentiment may offer edge and additional insight into a potential contrarian trade. The more extreme the fear, the better the contrarian odds.

Most often, major trough reversals occur at the selling climax amid the most extreme fear conditions. The volatility climax has not appeared just yet.”

Caution is adviced to avoid overinvesting.

Hope it helps.

God bless.