Bitcoin Fear and Greed Index is at 80, which is Extreme Greed, and the averaged monthly index for both November and December has so far been Extreme Greed too. Does this mean we will correct soon?
Although it's impossible to know, it might not necessarily be true as during the last bull market in 2020-2021 the averaged Fear and Greed index remained in the Extreme Greed zone for 4 consecutive months in November through February and then turned to Greed for two months more before reversing into Extreme Fear.
You voted and we will deliver. New Narrative Tracker tool will be released this month, featuring historical trend data on more than 15 crypto narratives by both market cap and volume.
With the growth of $ETH and other macro caps we started noticing a slight shift in trending crypto market narratives from memes to utility. We already have a crypto category and narratives heatmap that shows the real-time category volume and market cap, but it only provides current data: https://www.tradingdigits.io/vol-mcap-heatmap
However, we have been collecting historical narrative volume and market cap data since July and we're thinking about building historical charts using this data so that you can see the historical shifts in the crypto narrative trends.
$TRX had an incredible run a couple of days ago and it's probably not finished here.
2-Year MA Indicator shows that the overbought area for Tron starts at $0.52 and currently it retraced to exactly where the EQ line sits at $0.32, serving as the support. Next wave coming soon? Will it wick above the 2YMAx5 line this time?
We sincerely congratulate Grayscale's $GBTC Bitcoin ETF on accumulating the total NEGATIVE of -$20.6B of flows. We're sure you're going to be able to buy back lower later on.
Just as expected $XRP saw a local top at around $2.7 area where the 2YMAx5 line currently sits, now trading at $2.4.
This doesn't mean that it's over for Ripple since in bull market the 2-Year MA Multiplier indicator predicts overbought areas, which aren't always the macro cycle tops.
So what's in store for $XRP? Going lower to the $1.7 area—which is in confluence with the previous ATH and 2YMA EQ line—and then another wave higher?
In November Bitcoin performance hit the bull's eye and it closed the month 37% in profit, just exactly like the historical returns predicted.
When it comes to December, it's usually a green month with the historical monthly returns of 11%. However, if we look at the US election and halving years, the average monthly historical performance of Bitcoin jumps to 28%.
If the history is to repeat itself this year too, $BTC will close this month at $123,500.