Seeing some very worrying signs in the market today. NEO, for example, has broken its uptrend against the USD while Bitcoin is ABOVE 6K. NEO was actually one of the first altcoins to look bearish in Fall, 2018 before Bitcoin dropped. The title of this video says it all. Posting some bearish analyses today, as you can see. There IS a bullish view of the crypto market (linked at bottom), but time seems to be running out for this to qualify as a "bear trap" for alts.
A breakdown in Bitcoin here could send the market spiraling out of control.
But let's see where we stand in a year or two. Apologize for being so bearish, but maybe this is the fuel needed to finally reverse for some of these cryptocurrencies. This is in no way financial advice.
-Victor Cobra
A breakdown in Bitcoin here could send the market spiraling out of control.
But let's see where we stand in a year or two. Apologize for being so bearish, but maybe this is the fuel needed to finally reverse for some of these cryptocurrencies. This is in no way financial advice.
-Victor Cobra
Comment:
So the bulls have listened to me for now! XLM is back above 9 cents, which has me feeling a bit better. Starting to see some decent bounces in some alts, but I’d like to see some even mire buying. It’s possible Bitcoin needs to make another leg up first. As I mentioned in my posts from yesterday, I think Bitcoin needs to stabilize above 6K. My most bullish view of the market has Bitcoin pushing even higher, only to drop down and stabilize above 6K for a while to consolidate.
Comment:
Still a bit worrying that we haven’t had any bigger bounces, even with Bitcoin consolidating here. A reversal should be pretty clear when it happens. As an example, I’d look at the NANO/BTC bottom from August 2018.
