Here I talk about the current Bitcoin structure, and what it will need to start looking bullish again. I also talk more about why I think this is an important moment for the market, and why I'm preparing for more volatility. I compare long term Bitcoin price action with Amazon stock, and I comment a bit about current price action for AMZN, and how odd it is. I ultimately mention downside potential for Bitcoin, and why some older altcoins are in danger of serious price ruts, should the market fail to recover soon. I can definitely cover more, but that will have to wait until my next video!
Thanks for watching. This is not meant as financial advice. It is meant for speculation and entertainment only.
-Victor Cobra
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Inching towards the main downtrend! How Bitcoin reacts there should be telling. Decent candles the last couple of days, but I ideally want to see stronger buying volume for continuation.
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Looks like Bitcoin is breaking the oscillator downtrend. It's been there since OCTOBER! Pretty significant. Funding is also dropping on Binance, showing that traders are biased to the short side here. Let's see if Bitcoin can break this downtrend. Depending on how many shorts pile in, we can even squeeze up towards $58-60k. Most are expecting strong resistance around $53-55k.
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Interestingly, Bitcoin's little cousin Litecoin broke out of its oscillator downtrend earlier. Sometimes this can be a leading indicator.