ðĨ Bitcoin: Last Hope For The Bulls - Lehman Moment?
Over the last two weeks I've become increasing bearish on Bitcoin. The technical reason for this the fact that BTC fell through the blue dotted support, which gave bears the overhand on the longer- and shorter time frames.
The main systemic reason to be bearish at the moment is fueled by the Silvergate cryptobank liquidation and the potential contagion to other banks.
The first bank on the list has already (most likely) gone bankrupt: Silicon Valley Bank SVB. See below.
Banks going bankrupt was one of the main causes of the Financial Crisis in 2008. If we will see more banks getting hit there's some serious risk for a massive sell-off in both stocks and crypto. Is this week the 2023 version of Lehman going bankrupt?
As for Bitcoin, if the yellow area & bottom support of the channel fail to hold there's a serious case to be made that BTC will make new lows in the not so distant future.
Do you think we're going to make new lows? Share your thoughts!ð
The main systemic reason to be bearish at the moment is fueled by the Silvergate cryptobank liquidation and the potential contagion to other banks.
The first bank on the list has already (most likely) gone bankrupt: Silicon Valley Bank SVB. See below.
Banks going bankrupt was one of the main causes of the Financial Crisis in 2008. If we will see more banks getting hit there's some serious risk for a massive sell-off in both stocks and crypto. Is this week the 2023 version of Lehman going bankrupt?
As for Bitcoin, if the yellow area & bottom support of the channel fail to hold there's a serious case to be made that BTC will make new lows in the not so distant future.
Do you think we're going to make new lows? Share your thoughts!ð
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