Correction Over? - Victor Cobra's Crypto Market Update 3/6/20

Here's a comprehensive update on the crypto market. Here, I talk about stocks, the USD, Bitcoin, Ethereum, XLM, XRP, NEO, LINK, XTZ, LTC, and Bitcoin dominance.

Enjoy!

This is not financial advice. This is for speculation, education, and entertainment.

-Victor Cobra

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Unfortunately, the near term bullish picture for cryptocurrencies has been ruined, as TOTAL has broken below the $230B level I've been talking about. Additionally, Bitcoin is resting on the broken downtrend channel. if it breaks back into it, I think we can see a steep selloff towards the 200w MA.

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TOTAL needs to close this week above the 100w MA, or else a dump back to $180B seems likely. The moving averages are no longer looking particularly good for more bullish behavior, unless we bounce very soon. With stocks looking the way they do, things may really take a while for crypto at this point.

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As for the bullish possibility, we're now at the bottom of a new, smaller bearish channel. Channels most often break out in the opposite direction, so this can be considered a steep bull flag. But I really don't want to see further price decline from here. Not a bad area for a long setup, but it seems precarious.

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The daily UO is also at bottom. It can be drawn as a broadening wedge as well, which is usually bullish. I'm just worried about the state of the economy, and its potential to support crypto at current prices. If stocks drop to Dec. 2018 levels, who is to say that crypto also can't drop to those levels? This would mean $3-4K Bitcoin once again.