Guruprasad Venkatesha
Guruprasad Venkatesha 2 minutes reading from Bitcoin

Bitcoin Cash Price Holds Below $20500 Support Zone

GM! BTC closed the 1W candle near 20900 which is bullish but now we are trading below the 20500 support zone. Next support is at 19500, if this gets broken then we will enter the boring range of 18200-20200 again. Any upside is possible only after btc reclaiming 21500

ETH is unable to break 1680 which acts as a resistance but if broken eth can move towards 1750-1880. Rn it is trading close to its MA25 at 1460-1480 levels which can be good support zone. If this is broken then we will see ETH going back to boring range of 1220-1280

Altcoins are facing sell off currently due to dump in FTT as everyone wants to get out of it fearing another LUNC kind of situation. All those coins where FTX is having holdings will dump very badly. So we should wait for this to settle down before getting into any position!

Summary: Rn the Crypto markets are under huge pressure bcoz fall of FTX will bring bad name to the industry & will lead to exodus of many more investors especially after LUNC, regulators will become more serious. This can be a disaster for everyone.

I hope CZ will make a deal to sell FTT tokens directly with the FTX management instead of market selling it bcoz it will be bad for the industry. Idk if FTX will go bankrupt or not but even without that after losing reputation, it is like almost finished! cryptocurrency

Once upon a time Bitmex used to be the largest derivative exchange but today they are not even in the top 10 which was due to several unfair liquidation & today no one trust them. I wonder if FTX will go down that road. But that’s not good for industry.

Also I fear that all the powers by one single entity in crypto space is not good either. This gives one entity or one person all the power. Looks like everyone wants it but isn’t like centralization within the decentralized world? I feel we need a few good players in the industry

This post is based on this twitter thread.

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