Guruprasad Venkatesha
Guruprasad Venkatesha 2 minutes reading from Bitcoin

Bitcoin Looks Weak, Gives Direction to the Future

GM! BTC is just trading in a small range of 16800-16500 which is not looking good at all. I feel we will soon break the 15500 to reach the next support at 13500 where there are some buying orders. We will then see 11500 where things should settle down. For now it’s weak!

ETH is slowly losing the ground at 1220 level which will make it weak. Next support will be at 1150-950-850. If BTC goes below 13500 then we can see eth making new lows for this year. Even though, it’s getting deflationary, the bear market will not exempt it from dumping!

altcoins are looking weak except DEX wallet & other news specific coins. They are in the trend now where we can take advantage else it’s better to wait for other investments. We can get better prices on all the coins. Wait with patience. Crypto

Summary: BTC is looking weak & we don’t need any news from global economy currently as the problem with the Crypto industry is more than enough for everything to dump. FTX fraud is not even discounted completely as impact is too big. We will see more bankruptcy. (1/3)

This is not traditional finance where there are bailouts from the government or other large corporations. Here we have only Binance who is credible & capable of such bailouts but why would they do if someone is a fraud? So more companies will fail who did business with FTX(2/3)

We will never several months to recover from the trauma of recent failures including Celsius, Luna & FTX. But all that goes down should go up also. We will see a day when we will pump back. Crypto is not over but scammers are leaving this space. Sooner the better! Cryptotrading

This post is based on this twitter thread.


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