Guruprasad Venkatesha
Guruprasad Venkatesha 2 minutes reading from Bitcoin

Bitcoin Testing $20200 Support After US Stock Downturn

GM! BTC is now testing crucial 20200 support after the US stocks dumped hard due to bad results from tech giants. If BTC survives the bad results of tech stocks then it can continue towards 21500 else 19500 acts as immediate support. I expect huge volatility in the next week

ETH is still trading above 1500 but dropped much more than BTC in terms of %. ETH still looks good as it stays above 99DMA but breaking of 1460 will pull it back to 1280-1350 levels. Next week will be crucial to see if it will hold these levels as volatility will increase.

Altcoins are dumping as there are uncertainty surrounding the BTC next movement after the US stocks dumped. BTC should stay above 20200 for altcoins to thrive else we can see big dump in the coming weeks. Both USDT & BTC pairs will suffer so watch out for crucial levels!

Only crypto that will be attractive now will be dogecoin bcoz Elon musk has officially taken over Twitter now & he might make it as a main crypto for payment on Twitter & even buying of NFTs on Twitter. Many things will change on this platform that might benefit dogecoin

Summary: BTC looks weak after the US stocks dumped but still nicely holding on to 20k level for now. It should trade above 20500 on 4H charts for the momentum to be positive. Next week will be full of news which can adversely impact the crypto markets.

If cryptos can absorb those news then BTC can easily cross 21500 this time to go further up but my feeling is that we will see dump in the next few days before coming back to test 18400 levels & currently it’s good time to opening of shorts. NFA!

This post is based on this twitter thread.

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