Sup,
after FOMO-ing into some recent bull traps repeatedly in January I started to gather information all around the crypto scene and built some tools out of it.
First of all, I started to conduct weekly surveys on StrawPoll for an overall sentiment of crypto investors. The idea behind those polls was that when everybody is bullish on Bitcoin and expects the market to rise, most of the participants are already invested and there is less money available to bring the price to a new level (of course a number of around 1,000-2,000 voters is marginal compared to the whole market participants, but I'm expecting to grow these numbers). On the other hand, if people expect the market be bearish, I'm concluding that many people are waiting on the sidelines to find a perfect timing to enter the market again. Thus, the market has potential to do the opposite and will rise again.
In addition to that, I'm crunching the usual Reddit/Twitter Sentiment numbers about po sitive/negative headlines into a "Fear" or "Greed" influence by the news or media sites.
Also, panic-selling drops or FOMO-caused jumps will be analyzed and added to the formula.
An example image of the outcome of my calculations on imgur is here: https://i.imgur.com/OcAps8a.png
All in all, it helps me to stop placing random buy orders in bullish trends just to be disappointed about the next drop. I'm happy to hear some of your ideas for enhancements or tips to make it even better. Cheers!
TL;DR: All information I'm gathering is resulting in a Crypto Fear & Greed Index (https://alternative.me/crypto/fear-and-greed-index/). Details below.
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