The Bitcoin Fear & Greed Index slid from 23/100 to 18/100 this morning. The decline saw the Index fall deeper into the “Extreme Fear” zone. The Index hit a month high of 53/100 on April 05, which coincided with Bitcoin revisiting $47,000 levels.
Bitcoin slid through the First Major Support Level at $34,828. Bitcoin would need broader market support to break out from $35,500. In the event of an extended rally, bitcoin could test the Second Major Resistance level at $36,119. The Third Major Resistance Level sits at $38,062.
Bitcoin sits below the 50-day EMA, currently at $37,518. The Third Major Support Level sits at $32,895. Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal.