Guruprasad Venkatesha
Guruprasad Venkatesha 2 minutes reading from Bitcoin

Bitcoin Cash Price Holds Above $1200 Despite Price Pullback

GM! BTC briefly touched 20500 before bouncing back to 20800. Rn 21450 is acting as a local resistance & support is at 19600. Clearly btc is waiting for the next trigger to break this range to go either way. Macro scenarios still look weak while short term gains is expected!

ETH is trading above 1200 rn which is good but it can rally further only after crossing the local resistance at 1245. The support is still at 1050-1k levels. If Ethereum breaks below 950 then we might see retest of lows else we are fine. eth is following the trend of btc

altcoins started to show signs of strength after the btc broke the 44.5% support level. We may see further rally in altcoins if btc remains in the range but one should be careful about sudden pumps or dumps from btc which is foreseen in the days or weeks to follow!

Summary: btc has no direction at the moment. It’s waiting for the next trigger in the form of ETF approval, lower CPI numbers & lower than expected interest rate hike. If these things happen then the rally will continue. Markets are fragile at the moment! (1/2) Crypto

btc has closed below 200 WMA for two straight weeks which is first time in the history. It looks quite similar to the crypto winter of 2018! Any strong positions can be taken if btc break the previous lows or goes above this line! Until then we are in a range with -ve bias!

This post is based on this twitter thread.

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