Topic: [2018-08-29] Crypto trader: The bulls will be back if bitcoin holds above $7,000 (Read 333 times)

Not familiar with the mentioned Michael, but whoever he is, his speculations can only be that - speculations. No one can predict any flow direction on the market these days. Patience is key. Hoping for the best.

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I doubt we'll have a new floor significantly lower than $6k, most likely we'll just stuck with this level for months, and a new bull run will begin slowly, instead of exploding to $10k like the bulls predict.

If you keep testing the same lower support levels time on time again, they'll eventually break because these revisits point out that there is next to no demand on the higher side.

If $7500 turns out to be the next high within the longer term downtrend pattern, I'm pretty sure that we'll see the high after that be somewhere around $6500 (give or take a few hundred). What happens is that we'll be facing an extremely narrow range of $5800-$6500 till the lower highs become nearly as low as the main ~$5800 critical support level, which will then result in a significant outbreak either up or down.

I sincerely hope that $5800 is the ultimate low, but I just can't take anything for granted with how this market keeps going down and down. If there is no significant upwards push this year, then Q1 of next year will mark the ultimate bottom.

But I disagree that after 3-4 times price hit 5800$ and proved that there is strong resistance we should be expected something lower then that. Also period from September to December is usually the best part of the year for BTC, why would not it be this year too?

A similar situation was already last spring. The main thing to overcome the price is 10000 USD. Then it will be a signal for the bulls. And trade in the region of 7000 USD does not play a role.

It's far more likely to see $5000 than $10,000 this year, and I'm not saying that because we're closer to the $5000 level right now. If you also take into consideration that January and February have always been the worst months of a year in Bitcoin, I'm pretty confident that we'll see the market bottom out for real in Q1 of 2019.

If bitcoin holds its value around $7,150, cryptocurrency trader Michael Moro says, it could be on its way back to $10,000.

“If the [$7,000] level holds, say for the next week, two weeks, the bulls will 100 percent be back. They will be more comfortable that the lows for the year are in, and that we are more likely to see $10,000, rather than $5,000,” Moro said Wednesday on CNBC’s “Fast Money.”

The Securities and Exchange Commission rejected nine applications to create a bitcoin exchange-traded fund last week, due to worries about bitcoin price manipulation, Business Insider reported. Similar news has in the past sent bitcoin tumbling, but this time, the price rallied.

“Once the news broke about the SEC rejection and the price actually held, we did not see the 5, 10, 15 percent sell-off that you’ve seen in previous rejections. So I think the bears have realized they’ve run out of steam,” said Moro, CEO of cryptocurrency trading firm Genesis Trading and of Genesis Capital.

To get back up to that $10,000 price, bitcoin is going to need slow and steady growth in price and trading volume, rather than violent 5 percent and 10 percent jumps, he said.

“I believe the market now understands that the SEC’s ETF approval isn’t any time soon. So I think that the market sentiment regarding the product and the approval process is now far more muted, which I think is a healthier outlook for the next 12 months,” he added.

Moro said if bitcoin holds just above its current level, bulls will jump back in.

“I think the key level is $7,150, to be more exact, but if we can hold that next week, I do think we will see a sentiment turnaround in the market,” Moro said.

Bitcoin was trading around $7,050 Wednesday evening, according to Coindesk.

https://www.cnbc.com/2018/08/29/crypto-trader-the-bulls-will-be-back-if-bitcoin-holds-above-7000.html

So the CNBC contrarian indicator strikes again. Doing the opposite of what they report is a cast iron guarantee of success.

Now less than 7 grand and looking droppy.

And who is this Michael person and why should anyone respect his opinion?

You don't even have to use CNBC as indicator to know that we're constantly setting lower highs. I don't know how many times this year I have shorted the short term peaks, but thus far every short has turned out to be profitable just by using the longer term downtrend in my advantage. The market has turned into a predictable vehicle and nothing will change that unless something groundbreaking happens and the market turns full biullish, which I don't see happen this year.

It's far more likely to see $5000 than $10,000 this year, and I'm not saying that because we're closer to the $5000 level right now. If you also take into consideration that January and February have always been the worst months of a year in Bitcoin, I'm pretty confident that we'll see the market bottom out for real in Q1 of 2019.

That is right. The price is $68xx now, so there will not be bull?

It's far more likely to see $5000 than $10,000 this year, and I'm not saying that because we're closer to the $5000 level right now. If you also take into consideration that January and February have always been the worst months of a year in Bitcoin, I'm pretty confident that we'll see the market bottom out for real in Q1 of 2019.

Not familiar with the mentioned Michael, but whoever he is, his speculations can only be that - speculations. No one can predict any flow direction on the market these days. Patience is key. Hoping for the best.

So the CNBC contrarian indicator strikes again. Doing the opposite of what they report is a cast iron guarantee of success.

Michael Moro: (https://www.linkedin.com/in/michaelmoro), Michael Moro, CEO of Genesis Capital and Genesis Global Trading