– Yello ladies and gents🚬😎💰
💎As per our last FREE update, we have held the 18k support very well!
💎Now we returned to that region after finding some resistance around 19,000$, and so far jumping from that zone on lower time frames quite correctly.
💎However, as previously stated, this is a critical level for bitcoin to hold for the short term bull sentiment to remain active. A substantial break (daily close) beneath our acting at around 18k would likely trigger some high for Bitcoin over the next few days. It is ultimately leading to a situation where a pullback towards the 16,000-16500$ zone could occur as also described in the previous update.
💎BTC on-chain and sentiment data, still suggesting that a steeper price correction could take place before we finally see a sustainable recovery.
💎Also, Crypto Fear and Greed Index has jumped 8 points today and is just one point away from its all-time high reading of 95. Note that very rarely would a significant upside recovery take hold when sentiment is this high! We suspect this index may need to turn lower, which in turn implies that we could see more downward pressure on BTC yet.
💎This would not be favourable for altcoins as they generally do not react well to in BTC . Our mid/long term bias remains at the moment. However, LTF looking for some downward pressure so that institutions can buy cheaper before the next move above Bitcoins ATH .🚀