As the title suggests, the VIX (the volatility index on the SP500 ) has hit oversold (<30) on the daily RSI for the first time since December 2004. Scroll back and see for yourself.
A falling VIX is generally accompanied by bullish markets, while a rising VIX is often accompanied by bearish markets. If you wish to know more about the VIX , Investopedia has a great article on it.
In my view, it's highly likely that the VIX will be reversing very soon, which will most likely lead to a bearish reaction of the stock markets and therefore crypto. If you're planning to take risky long bets, consider postponing this. An oversold VIX only adds more risk to the trade.
