Following the news that Silvergate Capital Corp suspended its crypto payments network and expressed doubts over the viability of its business, Bitcoin and most other crypto currencies crash to trade significantly lower.
Before the news, Bitcoin was trading slightly above the 23,400 price level with market expectations that the price could reach 25,000.
However, Bitcoin broke below the 23,000 support level to trade down to the 22,000 support level following the Silvergate news.
Currently consolidating along the 22,500 price level, it is more likely that Bitcoin could see further downside, especially if the price breaks out of the consolidation to the downside.
Beyond 22,000, the next key support level is at 21,400.
Before the news, Bitcoin was trading slightly above the 23,400 price level with market expectations that the price could reach 25,000.
However, Bitcoin broke below the 23,000 support level to trade down to the 22,000 support level following the Silvergate news.
Currently consolidating along the 22,500 price level, it is more likely that Bitcoin could see further downside, especially if the price breaks out of the consolidation to the downside.
Beyond 22,000, the next key support level is at 21,400.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join my mailing list jindaotai.com/joinme
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.