Guruprasad Venkatesha
Guruprasad Venkatesha 2 minutes reading from Bitcoin

Industry Still Believes Bitcoin to Be Crucial for Global Markets

GM! BTC is trading above 16900 which is a good sign. Next resistance is at 17300-17900. The ultimate point for BTC to cross is at 18600. If it doesn’t go above it then nothing has changed for the short term. If BTC rejects 17300 again then we might still be in the range!

ETH is trading nicely above 1220. It tested 1280 but didn’t stay above it. In case if it crosses & trades above 1280 then we may see a rally to 1350-1400. If 1280 is not crossed then it confirms that ETH is still in a range. Below that 1150-1050 acts as support!

altcoin will suffer in case if BTC comes below 15500. In the short term, SL of BTC at 15500 is good for altcoins. I’m case if BTC remains in a range along with ETH then we can see some low cap coins pumping. Stay cautious on alt bags for the moment. Only speculation here!

Summary: Industry is still healing from scams & bankruptcies. There are rumors @SBF_FTX will be on @MarioNawfal spaces which can be interesting & can trigger rally if some +ve news is shared. Next few weeks will be crucial for the markets. We have to see the FOMC event in dec!

Next rally should be driven by real use case of NFT bcoz it’s a powerful technology but not in JPEG form. Someone should crack that useful side of it then it can be the reason for the 2024-25 bullrun. Let’s see. For now cryptomarket is still bearish! cryptocurrencies Cryptos

This post is based on this twitter thread.

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