Fear and Greed index is displaying 20% Fear right now. One of the lowest sentiment results recorded in the current bull run.
Algorithmic and retail trading induced by market sentiment is slowly dumping Bitcoin prices. So we analysed order books looking for long-term orders.
If the current sentiment continues, Bitcoin price should restart the previous trend in the long-term buy area between 43k and 38k. If not, we could see prices going further down.
As stated yesterday in our channel, CryptoAlkaline will do its best to protect our positions with hedging techniques if needed.
See you in our CryptoAlkaline Channel in Telegram!
Most cryptocurrencies were driven down following Bitcoin behaviour. The high volume of buying positions around $43k is holding prices, as stated in the analysis.
We have seen a heavy cryptocurrency outflow from the main exchanges in the last hours, corresponding with the last dip seen. As expected, those orders were placed for long-term holdings.
We will wait for updated market sentiment signals before posting more Altcoins opportunities.
What do you think will happen next? Let us know in the Telegram Chatroom.
Have a nice Tuesday, Alkalites!