Hello! I'm finally back with a video update. It's been quite a hectic month. Not only because of the coronavirus, but because I moved at the same time. Things are still uncertain of course, but I have a little more time on my hands. I'm glad to produce this update, since I had fun with it, as you will see. Mentioned in this video are Bitcoin, Bitcoin dominance, Ethereum, XRP, and XLM. Hope you enjoy!
This is not financial advice. This is meant for education and entertainment only.
-Victor Cobra
This is not financial advice. This is meant for education and entertainment only.
-Victor Cobra
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Bitcoin is still consolidating in a tight range, but is clearly out of the downtrend. If we close even higher, I think healthy volume tells me a move up will become a bit more likely here.
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Particularly if BTC closes above current levels, we can see a morning star reversal candlestick pattern. This has the potential to finally catapult Bitcoin towards some of my targets (7.7K, 8K, 8.4K, and 9.1K).
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In my experience, Bitcoin doesn't really top out until there's unusually high volume. We just haven't seen that recently.
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Looking at the linear chart (as I've done in the past), Bitcoin has not surpassed the recent downtrend yet. A breakout there actually may be a better signal.
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If the downtrend is drawn this way on the log chart, we haven't broken out there either.
