Bitcoin Cash Price Prediction: Fear & Greed Index Reflects Fear Even as Risk Sentiment Improves
Bitcoin Cash is on a decline despite recouping some of its losses in the previous session. The mixed risk sentiment in the market has resulted in high volatility among cryptocurrencies. The fear & greed index, which tracks the emotion driving the market, is currently at 30. While the reading is an improvement from the previous session’s extreme fear of 24, it remains within the fear side of the spectrum. According to the index, the safe haven demand still reflects extreme fear in the market.
Bitcoin Cash technical outlook
BTC/USD has pulled back after rebounding in the previous session. After hitting an intraday low of 514.26 on Sunday, the crypto rebounded to a high of 567.71 on Monday. However, it erased most of the gains by reaching a low of 521.82 on Tuesday. At the time of writing, it was down by 0.98% at 533.23.
After hitting its 5-month low of 384.14 two weeks ago, it has surged by about 38.65%. However, it remains about 67.43% lower than the all-time high it hit in mid-May. On a two-hour chart, it is trading slightly below the 25 and 50-day EMAs.
In the near term, I expect Bitcoin Cash to trade within a tight range of between 520.15 and along the 25-day EMA at 538.56. Below the current support level, the bears are likely to target the psychological level of 500. On the flip side, a bullish breakout will place the next resistance levels at 552.59 and 567.71.