Guruprasad Venkatesha
Guruprasad Venkatesha 2 minutes reading from Bitcoin

Bitcoin Price Holds Above $17500 Despite Massive Altcoin Burnout

GM! BTC couldn’t break the 17500 levels but still has managed to hold above 17k. This will keep the sentiments positive & also drive other coins on the upside. Momentum can take BTC to 18k-18500 but then it depends on a lot of factors for further pump! Support at 16500!

ETH looks good above 1320 levels but the trend can turn completely bullish after breaking 1350-1380 levels. ETH/BTC has traded sideways for the past 614 days which shows ETH has held its value against BTC even during the bear market.

Any breakup or breakdown of this trend can result in significant rally on ETH

ETH is going through massive burns due to which it’s also becoming scarce & in this bear market it didn’t correct so much like in the previous one. So it’s looking strong imo. Crypto

altcoin rally will go on for some more time if BTC stays above 17k. It all depends on positioning of BTC but if BTC drops below 16500 then we will see dumping in altcoins so trade altcoins carefully for now. Large caps still look good for long term. CryptoInvestor

Summary: The current trend in the cryptocurrencies is the same as in the past bear markets. Nothing is different. These are just bear traps or just a small relief which shouldn’t be confused to any reversal in the trend bcoz it isn’t. BTC will remain in the range of 13k-22k

This post is based on this twitter thread.

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