🔥 Bitcoin Bearish Channel: Break Out On Banks Failing?
In my latest BTC analysis I talked about the bearish channel in which Bitcoin was trading. My expectation was a move downwards, since the market looked more bearish than bullish.
After a quick drop, BTC recovered again on regional banking failures.
With yesterday's FOMC meeting rising the interest rates by another 0.25%, the risks of more (regional) banks becoming insolvent has only increased. This is good news for Bitcoin because people will take out their money from banks and store it in BTC (or gold, for that matter).
We can break out of the channel today, making it a bull-flag pattern. Looking at 30k and 31k in the short-term in case the bullish pressure persists. Be patient for the break out. Also note the blue dotted support line, which can be retested in the near future.
After a quick drop, BTC recovered again on regional banking failures.
With yesterday's FOMC meeting rising the interest rates by another 0.25%, the risks of more (regional) banks becoming insolvent has only increased. This is good news for Bitcoin because people will take out their money from banks and store it in BTC (or gold, for that matter).
We can break out of the channel today, making it a bull-flag pattern. Looking at 30k and 31k in the short-term in case the bullish pressure persists. Be patient for the break out. Also note the blue dotted support line, which can be retested in the near future.
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