Crypto Cracks Up

Published 04/11/2023, 12:47 AM
Updated 07/09/2023, 06:31 AM
BTC/USD
-
ETH/USD
-

After weeks of hanging around $28,000, Bitcoin ($BTC) finally broke free to the upside, conquering its Fibonacci resistance level. This is an impressive move.

BTC Price Chart

For crypto to really get cooking, Ethereum ($ETH) needs to push back the horizontal line I’ve drawn below.

ETH Price Chart

I’ve often described crypto as “a solution in search of a problem.” Well, perhaps the “problem” has been found, and it has nothing to do with NFTs or buying stuff. It has to do with establishing a safe haven for cash assets. Because it seems to me that the best thing to happen to crypto in a long time is the bank breakdown and the newfound fear people have of just keeping their cash in a traditional institution.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.