Guruprasad Venkatesha
Guruprasad Venkatesha 2 minutes reading from Bitcoin

Bitcoin Price Holds Above $21k, But Does It Matter?

GM! btc is trading firmly above 21k but was unable to hold above the local resistance at 21700. Next resistance levels would be 22400 & the major one at 22900 after which it breaks the range channel. We may see higher levels after that. Support @ 20700-19600 CryptoMarket

ETH is looking good above 1200 but was unable to stay above the resistance at 1245 which is not a good sign. If ETH goes below 1180 then bears will strong. S/R is at 1180/1245. This looks like a range but ETH continues to trade weaker compared to btc like in bear markets

altcoins are performing well only due to stability in btc & ETH but this is just short term trend so don’t go all in. Wait for key levels to be broken for confirmation before getting your bags. Tight SL are a must. Stay with leading coins in different sectors MANA GALA BICO

Long term accumulation can also be made here but for not more than 30% of your entire portfolio as we will have more chances after this bounce is finished. I’m bullish on STX EGLD FTT BNB SAND FLOW I think there is a chance that metaverse NFT will make a comeback also!

Summary: btc is waiting for the next trigger which might come from S&P500 if it crosses and closes the trading session above 3900. This will fuel btc to 21500-22000 levels. There are many more events in the next two-three weeks like ETF approval, CPI data & fed meet! Crypto

These events can propel btc to higher levels or even dump it back to 19600. If we go below 19600 then testing new low is entirely possible. So let’s stay calm until the end of July before taking any big positions. Whales are accumulating as we can see on the blockchain.

This post is based on this twitter thread.

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