Price analysis 3/15: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB
The United States equities markets tumbled on March 15 after Saudi National Bank, Swiss Bank Credit Suisse’s largest investor, said it will not be able to provide any more funding to Credit Suisse due to regulatory limitations.
Investors are nervous because Credit Suisse, which has large U.S. and global operations, warned on March 14 that it had found “certain material weaknesses” in its financial reporting processes for 2021 and 2022. Shares of Credit Suisse plummeted to an all-time low on March 15.
After the events of the past few days, the S&P 500 has given back all its gains for the year and is trading flat. In comparison, Bitcoin (BTC) is holding on to a large part of its gains and is up nearly 47% in 2023.
Trezor Bitcoin analyst Josef Tětek believes the banking crisis could be positive for Bitcoin as it could emerge as a safe haven asset.
Capriole CEO and founder Charles Edwards said that Bitcoin has formed a “bump and run reversal pattern,” which has a target objective of $100,000 and higher. However, Edwards cautioned traders that the pattern could fail, hence it should not be used for building a trading or investment plan.
Could Bitcoin and the altcoins rise above their overhead resistance levels and start the next leg of the up-move? Let’s study the charts of the top-10 cryptocurrencies to find out.
The bulls propelled Bitcoin above the overhead resistance of $25,250 on March 14 but the long wick on the candlestick shows that bears are not ready to surrender without a fight. Strong selling pulled the price back below $25,250.
The 20-day exponential moving average ($23,012) has started to turn up and the relative strength index (RSI) is in the positive territory, indicating advantage to buyers.
If the bulls do not
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