Crypto Briefing 5/23/23 – The Forecast

Crypto Briefing 5/23/23

Crypto Briefing 5/23/23

Bitcoin is still contained within a broad bull channel. These appear to look and move like trading ranges, they have the tendency to last. Similarly to trading ranges, channels have a high probability of following their current trend.  Throughout the past few days, we have seen BTC test the extreme downside of the channel. There is an 80% probability that this structure holds for the foreseeable future and that any attempts to reverse will fail. Short-term resistance for Bitcoin is at $28,000.

Ripple continues to recruit talented people to its board of directors. Warren Jenson, who recently joined Ripple’s board, served as the CFO for companies such as Amazon, Delta Airlines, and Electronic Arts.  A common trend we are seeing with Ripple’s board members is that they all come from the highest echelons of the corporate world. If people such as Warren Jenson and Rosie Rios (former U.S. Treasurer) have aligned themselves with Ripple in such a public way, then it communicates that major players in corporate America have confidence in this company.

HBAR’s price remains stalled at critical support. It has the potential of remaining in a trading range for an extended period of time.