The index reached its highest “greed level” on June 26 2019, at 95, which was the start of the Bitcoin sell-off. Based on this logic, the current values are considered an excellent opportunity to buy. However, the lowest level 5 was on August 22, and it didn’t become a starting point for either a short-term impulse or a broader trend. Since the June peaks, the BTCUSD showed a sequence of declining highs and lows.
Essential next test is now the $5-$6K area, where the 200-week moving average is located. Bitcoin spent most of April in this area and may stay here again.
The FxPro Analyst Team