BTC and other major altcoins are under immense pressure as supports give way and bears sell at each rally attempt. This negative sentiment pulled the Crypto Fear & Greed Index to 10/100 , one of its lowest readings ever recorded.
BTC
Bitcoin’s downtrend has reached the strong support at $39,600. The price formed a Doji candlestick pattern , indicating indecision among the bulls and the bears. The moving averages are sloping down and the RSI is near the oversold zone, indicating that the path of least resistance is to the downside. If bears pull the price below $39,600, the selling could intensify and BTC could start its journey to the next strong support at $28,805.
LINK
LINK has been trading in a large range between $15 and $35.33 for the past few months. The bulls have pushed the price above the moving averages and the RSI has risen close to the overbought zone, indicating that buyers have the upper hand in the short term. The bears posed a strong challenge near $27.61 for the past few days but the bulls did not allow the price to dip below the 20-day EMA ($23.23). This indicates that the sentiment has changed from sell on rallies to buy on dips.
ICP
ICP broke and closed above the downtrend line which was the first indication that the downtrend could be ending. The bears tried to trap the aggressive bulls and pull the price back below the 20-day EMA of $29 but were unsuccessful. The bulls again pushed and closed the price above the downtrend line and the moving averages are on the verge of a bullish crossover and the RSI has jumped into the positive zone, indicating that bulls are attempting a comeback.
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