Plenty of nerves and a pervasive fear have entered the crypto market as investors perhaps brace themselves for more potential tit for tat strikes, as Israel and Iran face off. Bitcoin appears to be using the more bearish sentiment to traverse sideways and downwards. However, the resulting chart pattern could well be a very bullish bull flag.
Fear pervades markets
Times are uncertain. In traditional markets, the S&P 500 is down 4.2%, the Nasdaq 100 is down about the same, and the overall sentiment for the traditional markets is one of “Fear”.
In the cryptoverse things aren’t going particularly well either. Even though the Fear and Greed Index is still in “Greed”, bitcoin is down another 16% since 8 April, which followed the 17.5% which terminated in early March. Luckily, there was a rally in between, so $BTC really just went back down again to the $60,000 support level.
Source: Coingecko/Trading View
Bull flag forming
One benefit of the up and down movement
We współpracy z: https://cryptodaily.co.uk/2024/04/bitcoin-btc-is-forming-a-bullish-flag-buy-or-sell
