Guruprasad Venkatesha
Guruprasad Venkatesha 2 minutes reading from Bitcoin

Bitcoin Consolidation – Hitting a Hurdle

GM! BTC tanked after breaking the yearly low of 17400 to 15500 levels. I think it will bleed more because when ever the lows are broken then it will make two or three more lows. Also historically BTC falls 84-87% from peak. So based on this calculation the next stop is 10k

ETH broke the 1220-1280 strong support zone that it had made post merge & dumped badly to 1075 levels before bouncing back above 1180 levels. ETH should trade above 1220 for it to remain stable else it will break 1050 to reach 950-850 very soon. Crypto

altcoins will dump badly in such falls especially when the market tanks based on scams. The holdings of FTX should be liquidated totally as more pain is there in those coins. Stay in only well known frontline coins. For the short term bounce I like NEAR DOGE SAND Crypto

Summary: There is CPI data today but the market has already discounted that in the recent dump. More over Crypto market is in no mood to hear any data at the moment as internal problems are huge. Next few weeks/months will be focused on FTX only as many heads are going to roll

There will be a lot of companies that will go bankrupt after lending funds to FTX & Alameda. Some might have to liquidate their positions including in BTC ETH so we might see markets dumping further. This has just began & not ended. So stay cautious & don’t over leverage.

This post is based on this twitter thread.

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