Guruprasad Venkatesha
Guruprasad Venkatesha 2 minutes reading from Bitcoin

Bitcoin Consolidation Looking Good at $21K

GM! BTC is looking stable above 21k at the moment. It has remained stable above 19600 which is a good sign. We will need many weekly closing above 20k for a meaningful rally. Next resistance will be at 22900, upon crossing that BTC will enter the second channel towards 25k

ETH is looking good at the moment. It will face a resistance at 1245. If it crosses & closes above that on a 4H candle then we might see the rally heading towards 1370-1490 levels. Any rejection at 1245 can push ETH back to 1070-1000 levels. BTC will hold the key to ETH

altcoins are looking good at the moment. They will rally until BTC stays above 19600 so that should act as the SL for altcoin rally. BTC should be +ve & the BTC Dominance should drop for altcoins to rally harder. At the moment, we are seeing good volumes but stay cautious!

Summary: BTC is looking fine at the moment but too early to conclude anything. There are fears or recession, upcoming spot BTC approval on June 29th, July 6th. Then most important days are CPI data getting released on July 13th & FOMC meet on July 27th.

We will need +ve surprises for the rally to sustain. In this case we can expect BTC rallying towards 25k-27k but still at the moment it looks like a bull trap. So exercise caution & trade with strict SL. Marco economics are not good so reversal won’t be so easy or so early!

A pull back of 30-45% has always happened when BTC dropped by 70-80% even in the past. There are also other liquidation events from DeFi protocols so one should keep them in mind. Crypto CryptoNews cryptocurrecy BTC ETH

This post is based on this twitter thread.

Comments

Please login to comment.