Guruprasad Venkatesha
Guruprasad Venkatesha 2 minutes reading from Bitcoin

Bitcoin Price Holds at $20700 Despite Recent Downturn

GM! BTC is trading above 20700 after briefly touching 21k in the last 24H of trading. Next resistance is at 21500-21800. If this is broken then we can see BTC going towards 22500-23100. On the downside, 20200-20400 acts as support for now. Long term support at 18400

Ethereum is looking very strong above 1520 which is its 99DMA. There is resistance before 1680-1720. Also there is a unfilled CME gap at 2600. Last time Ethereum formed the same structure when it traded around 1k. On the downside, ETH has support at 1280

altcoins are doing good in the USDT pairing. It will continue to do well if BTC stays above 20400 but we may see correction in Altcoins only if BTC dumps back to 19500. In any case, keep booking profits bcoz the rally won’t be sustainable for a long time.

I won’t change my bag for the next 2-3 years. So it remains the same. BICO DOT MANA MATIC LRC THETA BIT OCEAN CAKE FTT BNB BCUBE RARI NEAR MOVR GALA are my best bets for the next bull cycle in 2024! crypto cryptotrading 1000x 100xgem Cryptocurency

Summary: BTC is holding to 20k very strong despite the bad results from Meta & upcoming events which can be critical. This can be a good sign for cryptos but in nov we can see some correction as it can’t keep pumping. My max target for BTC in this rally is capped at 22k-23k

This is the best time to sell some cryptos that you were stuck during the last pumping days of BTC & keep your bag light as far as altcoins with weak fundamentals are concerned. For now, BTC should stay above 20200 for altcoins to pump more.

Ethereum has plans to scale through the proposed sharding, also it has moved to PoS last month due to which it has turned deflationary. This trend will continue & demand will grow due to which Ethereum will always remain the bright star. There won’t be any threat from new chain

This post is based on this twitter thread.

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