Market sentiment considers investors' thoughts, feelings and moods about an asset. These feelings don't always reflect the fundamentals of an asset or project, but they can significantly affect the price. Market sentiment analysis is a form of research that uses this information to try to predict price movements.
Market sentiment is the collective attitude of traders and investors towards a financial asset or market. The concept exists in all financial markets, including cryptocurrencies. Market sentiment has the power to influence market cycles. However, favorable market sentiment does not always lead to positive market conditions. Sometimes, strong positive sentiment (it's going to the moon!) Can come before a market correction or even a bear market.
Market sentiment analysis is an essential part of many trading strategies. As with technical or fundamental analysis, it is usually a good idea to make decisions using a combination of all available information. For example, market sentiment analysis can help you investigate whether FOMO is justified or simply the result of the herd mentality.
To understand market sentiment, you will need to gather the views, ideas of market participants. To get a basic idea, you might consider investigating relevant social media pages and channels to understand how the community and investors feel about that specific project. But be careful! There are a lot of scammers in those groups.
I found a good site where you can check many parameters: https://www.cryptometer.io/
Now a look at Bitcoin:
Will he be able to top the triangle with a daily close? see previous post: https://www.publish0x.com/trade60/will-btc-and-eth-boom-in-july-always-a-question-of-rectangle-xnxlvvx
Meanwhile, for daily trading I give you my levels:
graphic from tredingview.com
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This article does not contain investment advice. Every investment and trading move carries a risk, readers should conduct their own research when making a decision.
THE OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATION PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT OR OTHERWISE ADVICE.
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