the analysis is interesting, I really did not know that there was a graph that could measure fear and greed, how do they do it ?, is it because of the things that people comment on social networks or how do they get that data?
I think its depends upon the demand and supply of bitcoins. When the bitcoin demand is high, the price rises and also the greed index as people want to invest in bitcoins to get the potential profit out of it. In days of low demand and bear market, the fear index is on rise as people lose trust on bitcoins and panic sell.