Cryptos continue to show resilience as banks face their biggest challenge since 2008 Bitcoin BTC Bitcoinprice
- Conditions improved across all financial markets on Thursday as banks from around the world banded together to aid industry partners, with the Swiss National Bank stepping forward to help out the struggling Credit Suisse while multiple large U.S. banks joined forces to lend First Republic $30 billion.
“Bulls have the solid near-term technical advantage as a fledgling price uptrend is in place on the daily bar chart,” Wyckoff said, and “The path of least resistance for prices is sideways to higher.”According to experienced cryptocurrency trader Crypto Chase, there are three possible scenarios moving forward for Bitcoin, with the $23,500 price level being the key level to focus on.
The third scenario revolves around a “clean break below 23.2K-23.5K [that] puts the initially anxious buyers underwater [as] they look to exit on upon any retest or backfill, causing sell pressure,” said Chase. “As it breaks down, this is where people begin “buying the dip” repeatedly, but the local uptrend is most likely cooked. Show me initial strength or I'm no longer interested in longs for a bit.
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