VictorCobra

VictorCobra Updated 

In May of 2022, I called the long term top for Ethereum and final distribution. I sold all my ETH above $3k after purchasing most of mine below $150. A year ago, I called ETH's rally from the sub-$1k lows to be the first major bear market rally. Since then, ETH has continuously failed to go higher. This past May, I showed how ETH could end up back below $500....

VictorCobra Updated 

Not really a surprise here. After briefly heading higher, Litecoin has drifted back into the range it's been in since the beginning of the year. Since the failed breakout, I think it means Litecoin will need to test the lower bounds of the trading range and hope to God it finds buyers. I called the end to the rally a bit prematurely a couple of months ago: You...

VictorCobra Updated 

Bitcoin is starting to look bullish on the weekly/monthly timeframe. Price had a strong monthly close above the 9 month EMA and the 50, which I've mentioned needed to hold for any bullish continuation. This is despite the SEC crackdown. I find it quite suspicious that Blackrock and others filed for Bitcoin ETF's shortly after that. Another example of why things...

VictorCobra Updated 

Although in the past, I've been a supporter of XRP, and especially XLM, I ultimately realized the cryptocurrency itself is not particularly user-friendly, considering a tag and an address are both required. Minimum balances are also required. I also began to see through Brad Garlinghouse's smugness, and the obvious market manipulation. Nevertheless, as far as...

VictorCobra Updated 

LItecoin is currently barely holding onto the 200 day MA (teal), and has already retraced heavily from its pre-halving rally peak while failing to get back into the long term uptrend channel. In mid-2019, when LTC began breaking down, it was a sign the market-wide relief bounce was over. Now, the environment is way worse. I'm not going to even bother deep-diving...

VictorCobra Updated 

I think this will be my last update on Bitcoin during this consolidation period below $31k. The period could end soon, but regardless of when the next big wave occurs, this is an attempt to illustrate, in advance, the WHY behind the next move. As I've mentioned several times already, the monthly 9 EMA (orange) and the 50 MA (red) seem to be quite important. This...

VictorCobra Updated 

A lot of investors are probably asking, WHY IS THIS HAPPENING? We're seeing unbelievable amounts of deleveraging, not just in the cryptocurrency market. Over the last several months, I have posted consistently on why I believed there was significant risk for something like this to occur. Within the crypto market itself, we're now seeing consistent bad news....

VictorCobra Updated 

Above, you can see that Bitcoin is currently back to 2017 ATH levels when weighted against the S&P 500. In addition, Bitcoin has also sustained a breakdown below both long term trendlines against the index. I can't really be more generous than that. Even if stocks have already hit bottom, I think Bitcoin is unlikely to outperform again, at least for many years. If...

VictorCobra Updated 

Here on the left, I've shown the BLX chart (Bitcoin index with the longest price history, plus its log curve) and the broken long term uptrend on the Litecoin chart on the right. Why Litecoin? Well, the 2017 bull market was characterized by astronomical gains for Bitcoin alternatives. At that time, it was about which functioned as the best currency. Litecoin and...

VictorCobra

If you're a fan of workers' rights, I suggest taking a look at Fran Drescher's speech about SAG- AFTRA's unanimous decision to strike. It really gets at the pathos and the gravity of our current moment in history. Markets are currently in an upwards trajectory. This is off the back of supposed cooling inflation, a strong labor force, and the emergence of AI into...

VictorCobra Updated 

I am mostly burnt out on writing commentary on Bitcoin/crypto as a whole, especially as things have largely played out in alliance with my speculations over the last 18 months. Instead, I will provide periodic technical updates. First, I'll provide my own sentiment about traditional markets. WHAT'S GOING ON WITH STOCKS? On the linear scale, it looks like the...

VictorCobra Updated 

As I've been talking about over the last several weeks, the market SEEMS overdue for some sort of relief rally. Although I believe crypto has begun a longer term downtrend and likely will not see all-time highs in the foreseeable future, it is not unreasonable to expect some hope to be injected into the market before further sustained downside. Of course, the...

VictorCobra Updated 

After some time, Bitcoin has finally tested the $20k level. All the cryptos I held throughout the bull market are now below the levels where I first de-risked in January, 2021. This means that prices are now below every single one of my sell points. A move like this seemed likely to me, considering the breakdown of the 3-day 200 MA back in April. Prior to that, I...

VictorCobra Updated 

BNB has been consistently the best performing crypto asset since its inception in 2017. Since then, it has gone from mere pennies to nearly $700, outperforming both Ethereum and Bitcoin. How is this possible, given that the TOTAL crypto market cap lingers close to its 2017 all-time high, 5 years later?? How is this possible, given that the crypto market itself...

VictorCobra Updated 

Amidst my re-evaluation of markets, divestment from crypto, and future planning, I'm slowly building a long term position in CYBIN. As a therapist who also happens to be a fan of psychedelics, this one fits me well. I think it can continue to flounder around, and perhaps test some even lower levels. Just looking for optimal entry points now, and managed to scoop...

VictorCobra Updated 

The saying is usually "a wolf in sheep's clothing," but you'll see why I reworded it a little further down. The above charts show TRX (Tron) and BNB (Binance Coin) side by side, in what I believe to be distribution ranges after breaking uptrends. Distribution is how these players achieve profit (selling to prospective buyers). I think they will eventually break...

VictorCobra Updated 

This is just a quick update on Bitcoin. I will also include the Bitcoin/SPX chart in this post, simply because it continues to appear much weaker than BTC/USD, which I think is fundamentally significant - particularly with waning liquidity in crypto markets and the loss of broader appeal. In the above chart, you can see that Bitcoin is treading water above the...

VictorCobra

Just making a short projection. I don't want to spend the time making any long posts at the moment, but I do want to provide some quick updates. My guess is the long term uptrend for ETH will break in the upcoming months, resulting in new bear market lows for Ethereum. I think there's a decent chance it'll enter that green zone on my chart. All my fundamental...