Fundstrat’s Robert Slyumer: Bitcoin Must Rally Through $6,300

Wind_FURY

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Quote from: Pursuer on July 11, 2018, 02:18:35 AM

Quote from: Wind_FURY on July 11, 2018, 01:23:57 AM

Quote from: pereira4 on July 10, 2018, 02:12:45 PM

We must lose all the pathetic newbies holding bitcoin. They must be annihilated. Please sell already, you don't deserve to own a single satoshi. Only individuals ready to get rich must own bitcoin, the rest must hold fiat and other liabilities. Once all the morons are off the ship then nobody will be willing to sell for these ridiculous prices. The elites are buying your cheap coins and you don't even know it. Sad!

Relax and let them sell and dump it down to $1,000 if they want to. Hahaha.

Buying at the most possible low it can reach was what everyone wanted, right? There it is. Now go look for a job, a second job, do anything to earn fiat, and be ready to buy the dip.

that is good and all when you are just talking about it but in reality the problem with waiting for the dip to buy is that you will end up waiting forever. I am not saying the dip you are waiting for doesn't happen but I am saying that in any case you will never buy because either the dip you hope for (like $1000) never happens or when it happens you decide that it is not the bottom so you wait some more and end up never buying back.

Practically speaking we might be in "that" dip. I also believe that any price below the $10,000 mark is always good to buy. But the lower the better because it will not be too bad to get a better deal from the market. Haha. Cool

Quote from: buwaytress on July 11, 2018, 03:08:22 AM

He was always going to play a dangerous reputation game when he went in so soon, and then reupped his ante again when things didn't go his way. I've been preparing for a really long winter and yesterday's decline seems to suggest I could be preparing well. Things change mighty quickly of course, so am not giving myself any room for prophecy delusions. Not that anyone's view of experts would change, or that view changes result in any effect either.

Quote from: Pursuer on July 11, 2018, 02:18:35 AM

that is good and all when you are just talking about it but in reality the problem with waiting for the dip to buy is that you will end up waiting forever. I am not saying the dip you are waiting for doesn't happen but I am saying that in any case you will never buy because either the dip you hope for (like $1000) never happens or when it happens you decide that it is not the bottom so you wait some more and end up never buying back.

Yeah, those buy the dip people are just as likely to lose out on sell the peak. Get what you can, when you can, if you're a holder. Limit orders the way to go if you're not. I'm more or less satisfied with getting whatever I can (and selling whenever I need to) the way this sideways period looks to extend.

Who said I was selling before Hyperbitcoinization? Cool

buwaytress

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He was always going to play a dangerous reputation game when he went in so soon, and then reupped his ante again when things didn't go his way. I've been preparing for a really long winter and yesterday's decline seems to suggest I could be preparing well. Things change mighty quickly of course, so am not giving myself any room for prophecy delusions. Not that anyone's view of experts would change, or that view changes result in any effect either.

Quote from: Pursuer on July 11, 2018, 02:18:35 AM

that is good and all when you are just talking about it but in reality the problem with waiting for the dip to buy is that you will end up waiting forever. I am not saying the dip you are waiting for doesn't happen but I am saying that in any case you will never buy because either the dip you hope for (like $1000) never happens or when it happens you decide that it is not the bottom so you wait some more and end up never buying back.

Yeah, those buy the dip people are just as likely to lose out on sell the peak. Get what you can, when you can, if you're a holder. Limit orders the way to go if you're not. I'm more or less satisfied with getting whatever I can (and selling whenever I need to) the way this sideways period looks to extend.

Pursuer

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Quote from: Wind_FURY on July 11, 2018, 01:23:57 AM

Quote from: pereira4 on July 10, 2018, 02:12:45 PM

We must lose all the pathetic newbies holding bitcoin. They must be annihilated. Please sell already, you don't deserve to own a single satoshi. Only individuals ready to get rich must own bitcoin, the rest must hold fiat and other liabilities. Once all the morons are off the ship then nobody will be willing to sell for these ridiculous prices. The elites are buying your cheap coins and you don't even know it. Sad!

Relax and let them sell and dump it down to $1,000 if they want to. Hahaha.

Buying at the most possible low it can reach was what everyone wanted, right? There it is. Now go look for a job, a second job, do anything to earn fiat, and be ready to buy the dip.

that is good and all when you are just talking about it but in reality the problem with waiting for the dip to buy is that you will end up waiting forever. I am not saying the dip you are waiting for doesn't happen but I am saying that in any case you will never buy because either the dip you hope for (like $1000) never happens or when it happens you decide that it is not the bottom so you wait some more and end up never buying back.

Wind_FURY

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Quote from: pereira4 on July 10, 2018, 02:12:45 PM

We must lose all the pathetic newbies holding bitcoin. They must be annihilated. Please sell already, you don't deserve to own a single satoshi. Only individuals ready to get rich must own bitcoin, the rest must hold fiat and other liabilities. Once all the morons are off the ship then nobody will be willing to sell for these ridiculous prices. The elites are buying your cheap coins and you don't even know it. Sad!

Relax and let them sell and dump it down to $1,000 if they want to. Hahaha.

Buying at the most possible low it can reach was what everyone wanted, right? There it is. Now go look for a job, a second job, do anything to earn fiat, and be ready to buy the dip.

pereira4

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We must lose all the pathetic newbies holding bitcoin. They must be annihilated. Please sell already, you don't deserve to own a single satoshi. Only individuals ready to get rich must own bitcoin, the rest must hold fiat and other liabilities. Once all the morons are off the ship then nobody will be willing to sell for these ridiculous prices. The elites are buying your cheap coins and you don't even know it. Sad!

reactorjuno

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It's very common to see +10% or -10% within 24 hours, would not rush to buy / rush to sell when this happens.

pooya87

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Quote from: Lucius on July 05, 2018, 03:52:37 AM

Quote from: bbc.reporter on July 04, 2018, 08:20:19 PM

@Lucius. No, remembering it all, I reckon it was nothing but the biggest speculatory pump in bitcoin's history. Many newbies who wanted to get rich quick have entered the market and they kept on buying without an indication what bitcoin is. The mainstream news media and fund managers kept on hyping the price, and there is the bitcoin community who kept on pushing for the idea that bitcoin will replace fiat.

What would Warren Buffet say? I reckon it looked like a scam for him hehehe.

But this pump had to have something that triggered it, do you think that without BTC futures people become so crazy about BTC? It is very easy to direct people in a certain direction, just need to sell them a good story. For most small investors the whole story did not end up positively, but big players make huge profits. I wonder if something similar can happen again, or people have learned a valuable lesson?

4-5% rise is barely a rise let alone be a "pump"! and such rises or falls of this small size don't need triggers really they fall under the normal price fluctuations of bitcoin. all you said could have been true if price had reached $8000 like last two time we tested the bottom.

there has never been bitcoin futures pre 2018 and people were crazy about bitcoin, sometimes more than others like the 5 or 6 huge bubbles that bitcoin had before the $20k bubble.

bbc.reporter

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Quote from: Lucius on July 05, 2018, 03:52:37 AM

Quote from: bbc.reporter on July 04, 2018, 08:20:19 PM

@Lucius. No, remembering it all, I reckon it was nothing but the biggest speculatory pump in bitcoin's history. Many newbies who wanted to get rich quick have entered the market and they kept on buying without an indication what bitcoin is. The mainstream news media and fund managers kept on hyping the price, and there is the bitcoin community who kept on pushing for the idea that bitcoin will replace fiat.

What would Warren Buffet say? I reckon it looked like a scam for him hehehe.

But this pump had to have something that triggered it, do you think that without BTC futures people become so crazy about BTC? It is very easy to direct people in a certain direction, just need to sell them a good story. For most small investors the whole story did not end up positively, but big players make huge profits. I wonder if something similar can happen again, or people have learned a valuable lesson?

Yes, without the bitcoin futures hype, I reckon the mainstream news media would always make up another storyboard and hype that and then get the same results that they want. What is behind the hype is not as important as the creation of the hype itself.

bitgolden

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Well at least it did Cheesy

Now its over 6.3k, what are the predictions of this dude when its above it. Yeah we know

it should not be lower than it but what happens when its above it. I say not much would change, people from cme and contracts make a lot of money with it when its low, I doubt it can change for a while until longs are more bought than shorts.

As long as shorts are more than longs we will see whales trying to keep the price low and as long as we do not rally against them (which could be a bloodbath) it will always result in the same.

Lucius

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Quote from: bbc.reporter on July 04, 2018, 08:20:19 PM

@Lucius. No, remembering it all, I reckon it was nothing but the biggest speculatory pump in bitcoin's history. Many newbies who wanted to get rich quick have entered the market and they kept on buying without an indication what bitcoin is. The mainstream news media and fund managers kept on hyping the price, and there is the bitcoin community who kept on pushing for the idea that bitcoin will replace fiat.

What would Warren Buffet say? I reckon it looked like a scam for him hehehe.

But this pump had to have something that triggered it, do you think that without BTC futures people become so crazy about BTC? It is very easy to direct people in a certain direction, just need to sell them a good story. For most small investors the whole story did not end up positively, but big players make huge profits. I wonder if something similar can happen again, or people have learned a valuable lesson?

BitcoinNewbie15

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Quote from: Altcoins enthusiast on July 03, 2018, 02:30:48 AM

Bitcoin has break $6300 yesterday, so are we expect another bull run like it has been happening before? I see a strong break yesterday that keeps bitcoin above $6600 through out the night. I think bitcoin is more of bullish trend now than bearish trend.

Well, it's still above $6,600... It has been maintaining this rate, but honestly, it is still too early to tell if the bear market is broken. I think a move above $7000 will confirm this, but until then, we can assume the bear market is still in effect. According to Robert Slyumer we should be in good shape, but so far Fundstrat doesn't have the best record for predictions. Roll Eyes

bbc.reporter

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@Lucius. No, remembering it all, I reckon it was nothing but the biggest speculatory pump in bitcoin's history. Many newbies who wanted to get rich quick have entered the market and they kept on buying without an indication what bitcoin is. The mainstream news media and fund managers kept on hyping the price, and there is the bitcoin community who kept on pushing for the idea that bitcoin will replace fiat.

What would Warren Buffet say? I reckon it looked like a scam for him hehehe.

Lucius

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Quote from: bbc.reporter on July 03, 2018, 09:04:16 PM

@Lucius. A big pump similar to what we have seen last year was a rare occassion, I reckon. We would also be very fortunate to have that happen again within 2 years. But what do we know, the market might surprise us hehehe.

When we look at the complete history of BTC this is true, always something special is needed to start big pump and in last December many thinks BTC futures were the decisive factor. Others say this is not true, but if you check all threads/post about futures at that time, many was thinking that futures means big money will come in BTC(and it was, from ordinary people pockets). Now we can wait next "big thing", or next halving maybe.

marcbitcoins

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Let's just wait and see then because who knows the bullish run is now just around the corner as we are at $6,300 already. I don't believe in predictions anymore as there are lot of them really failed to happen this year but this is better than spreading FUD in which it will just make the market worse.

pooya87

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Quote from: Lucius on July 03, 2018, 05:23:51 AM

Quote from: Baofeng on July 01, 2018, 04:35:40 AM

Quote from: Lucius on July 01, 2018, 04:06:39 AM

Nothing new from Fundstrat, just a another person with some new "wisdom" that BTC must do something just because he think like that, based on 15 day studies - imagine if he studied BTC for 30 days Cool

Regarding Tom Lee’s prediction, even if in this moment that 25k $ seems very elusive we should all remember that exactly a year ago price was only 2400 $, and by end of the year reached its peak at 20k $. I do not know can we see something like that this year, but if a new one pump happens, then it will be much easier to reach 25k $ then 20k $ last year.

Well Tom Lee's very bullish predictions seems to be off the mark since he started to open his mouth specially during the bearish trend and no amount of influence really swayed investors to pour their money plus their confidence in the market. For me, to be really safe, $10k will be a good gauge to see that. However, its around April or May that we see the price almost touch it, but then again it started to free fall again. Looks like though we have broken the $6300 mental barrier, but the question is, can it be sustained or just another bull trap in the making?

I have some feeling that in the days ahead we could test 7000$, but we can also go down close to 6000$-it is very hard to predict anything in such a tricky market. But it is interesting to see how price jump by 250-300$ just in a few minutes, so if we hold at 6700$ few days next jump can bring us to 7000$. But if we can see big pump like last year it will probably start at about the same time - it take only a month from November 2017 to December 2017 from 7000$ to 20 000$.

The only question is whether something encourage such a sequence of events again.

you are talking about a transaction, more like a complete U turn. and that takes a lot of time. first the bear market has to end and drops to stop. then we have to see some sort of in-between-period which will be the accumulation/uncertain phase while market makers buy bitcoin and everyone else gives up on it. then we see a slow rise and finally the "big bang" to the moon.

the thing in 2017 from $7k to $20k didn't start there. it started from $200 in 2015 which was the accumulation phase and all the rest.... i am not saying it will happen the same way with same time frames but it should still be similar.
this time i suppose we can see the big rallies in 2019 but that doesn't mean no rise in 2018 either. we can see at least $10k before the year ends.

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@Lucius. A big pump similar to what we have seen last year was a rare occassion, I reckon. We would also be very fortunate to have that happen again within 2 years. But what do we know, the market might surprise us hehehe.

Lucius

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Quote from: Baofeng on July 01, 2018, 04:35:40 AM

Quote from: Lucius on July 01, 2018, 04:06:39 AM

Nothing new from Fundstrat, just a another person with some new "wisdom" that BTC must do something just because he think like that, based on 15 day studies - imagine if he studied BTC for 30 days Cool

Regarding Tom Lee’s prediction, even if in this moment that 25k $ seems very elusive we should all remember that exactly a year ago price was only 2400 $, and by end of the year reached its peak at 20k $. I do not know can we see something like that this year, but if a new one pump happens, then it will be much easier to reach 25k $ then 20k $ last year.

Well Tom Lee's very bullish predictions seems to be off the mark since he started to open his mouth specially during the bearish trend and no amount of influence really swayed investors to pour their money plus their confidence in the market. For me, to be really safe, $10k will be a good gauge to see that. However, its around April or May that we see the price almost touch it, but then again it started to free fall again. Looks like though we have broken the $6300 mental barrier, but the question is, can it be sustained or just another bull trap in the making?

I have some feeling that in the days ahead we could test 7000$, but we can also go down close to 6000$-it is very hard to predict anything in such a tricky market. But it is interesting to see how price jump by 250-300$ just in a few minutes, so if we hold at 6700$ few days next jump can bring us to 7000$. But if we can see big pump like last year it will probably start at about the same time - it take only a month from November 2017 to December 2017 from 7000$ to 20 000$.

The only question is whether something encourage such a sequence of events again.

audaciousbeing

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All of these predictions to me are bound to fail as I see it as a form of wave of the moment expression of opinion without any basis but because of the importance that has been attached to some people in crypto by virtue of the position they occupy in the industry either as entrepreneurs, developers, or business owners they are meant to always be in the news to showcase their oratory and analytical skills in other to continue to be relevant in the media. The market is not developed enough for its behavior to be restricted to maps, graphs and historical analysis. A decision somewhere in the remotest part of the world could nullify the whole prediction at the same time someone who just realized he could make money can decide to dump 100 btcs while others will follow him. They should just keep their predictions to themselves and allow the market be the determining factor of what price will be.

Altcoins enthusiast

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Bitcoin has break $6300 yesterday, so are we expect another bull run like it has been happening before? I see a strong break yesterday that keeps bitcoin above $6600 through out the night. I think bitcoin is more of bullish trend now than bearish trend.

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Quote from: pooya87 on July 01, 2018, 11:30:37 PM

Quote from: bbc.reporter on July 01, 2018, 09:11:42 PM

A behavior I am noticing during bitcoin's all time high is comments in the forum do not believe and hate to read about bear predictions. Today, comments that are bull predictions are criticized and trolled. Is bitcoin in its most possible bottom for the year?

i personally have nothing against bull/bear "predictions" but as long as they are reasonable and are more of a speculation rather than a guesswork with random words. for example when the $10k price is resisting and we are already 50% down from the ATH and there is no reason for the drop to happen and then some idiots comes out and says "bitcoin is a bubble" that makes me mad. the same thing is true now when some idiot comes out and says price is going to $50k by the end of the year (less than 6 months) out of nowhere and without any valid speculation.

is it the bottom? it certainly looks like it with the strong buy support at $6k, the market attitude towards this price, the psychology about this price including the thing about miners and their profit, and the fact that this is 70% below ATH. if you believe FUD can change the market then you also have to believe that believing in things like 70% drop, repetition of history, ... are also changing the market.

Funny observation. When the price is on its very top, all bear warnings that this is the top, it will reverse anytime are criticized. Then on the opposite side, we might be on the bottom because all bull encouragements to buy now are also criticized hehe.

We only know as much as those fund managers we criticize.

wuvdoll

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Quote from: samcrypto on June 28, 2018, 11:49:18 PM

Really hard to hit $25k for bitcoin if you only base at the current trend, prediction might be too much but it still possible. Hopefully bitcoin can sustain its level beyond the support level or else the market will continue to dump. Let's see this in the 3rd quarter to confirm if its still possible to make a new all time high, or make a new all year low. Cheesy

That is the problem with these so called guys who think they can just predict the market based on assumption. Nothing works that way and all they are doing is gambling to see if what they ended up saying would end up right so they can say they told you so. Nothing is predictable in this market and so far, we are still in a huge downtrend, no matter how crazy the market shows some break out, and unless the bulls are set to do some pretty good job in convincing smart moneys, I do not see much volume coming into this market.

berrygood

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''Bitcoin is going to be $30.000'' this is not a long term prediction at all this is why people can easily argue about that. If you say it will be $300K by 2024 no one can talk about it Cheesy

they are like traders so make wrong predictions.

jseverson

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Lmao would you look at that.

I am in no way saying that $25k isn't possible because it seems everything is in crypto, but it's always funny when "experts" go back on their predictions. Man I can't wait for McAfee! I mean, I know they only say what they say for money or exposure or both, but I still find it oddly satisfying.

tomahawk9

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LOL I find it hella funny how they (Fundstrat) no longer want Tom Lee to talk about the btc price Grin

the guy earned a reputation of being extremely bullish, perhaps too much even though there was an obvious bearish trend surrounding the market. To our new guy, Robert Slyumer: with great power comes great responsibility (:

Quote from: bitcoinisbest on July 02, 2018, 07:48:14 AM

6300$ is already achieved and hope so we are in the bull run which may begin soon.

We need to consolidate around the current prices for a few more days, it's too early to say if this is actually a recovery. Bull run? we won't see a bull run in a very long time.

bitcoinisbest

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Quote from: bbc.reporter on July 01, 2018, 09:11:42 PM

A behavior I am noticing during bitcoin's all time high is comments in the forum do not believe and hate to read about bear predictions. Today, comments that are bull predictions are criticized and trolled. Is bitcoin in its most possible bottom for the year?

6300$ is already achieved and hope so we are in the bull run which may begin soon. May be it was almost near the bottom out at 5800$ and many investors have got the btc at that rate and hope they do not sell now else due to short profit the market can crash again.

pooya87

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Quote from: bbc.reporter on July 01, 2018, 09:11:42 PM

A behavior I am noticing during bitcoin's all time high is comments in the forum do not believe and hate to read about bear predictions. Today, comments that are bull predictions are criticized and trolled. Is bitcoin in its most possible bottom for the year?

i personally have nothing against bull/bear "predictions" but as long as they are reasonable and are more of a speculation rather than a guesswork with random words. for example when the $10k price is resisting and we are already 50% down from the ATH and there is no reason for the drop to happen and then some idiots comes out and says "bitcoin is a bubble" that makes me mad. the same thing is true now when some idiot comes out and says price is going to $50k by the end of the year (less than 6 months) out of nowhere and without any valid speculation.

is it the bottom? it certainly looks like it with the strong buy support at $6k, the market attitude towards this price, the psychology about this price including the thing about miners and their profit, and the fact that this is 70% below ATH. if you believe FUD can change the market then you also have to believe that believing in things like 70% drop, repetition of history, ... are also changing the market.

bbc.reporter

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A behavior I am noticing during bitcoin's all time high is comments in the forum do not believe and hate to read about bear predictions. Today, comments that are bull predictions are criticized and trolled. Is bitcoin in its most possible bottom for the year?

Baofeng

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Quote from: Lucius on July 01, 2018, 04:06:39 AM

Nothing new from Fundstrat, just a another person with some new "wisdom" that BTC must do something just because he think like that, based on 15 day studies - imagine if he studied BTC for 30 days Cool

Regarding Tom Lee’s prediction, even if in this moment that 25k $ seems very elusive we should all remember that exactly a year ago price was only 2400 $, and by end of the year reached its peak at 20k $. I do not know can we see something like that this year, but if a new one pump happens, then it will be much easier to reach 25k $ then 20k $ last year.

Well Tom Lee's very bullish predictions seems to be off the mark since he started to open his mouth specially during the bearish trend and no amount of influence really swayed investors to pour their money plus their confidence in the market. For me, to be really safe, $10k will be a good gauge to see that. However, its around April or May that we see the price almost touch it, but then again it started to free fall again. Looks like though we have broken the $6300 mental barrier, but the question is, can it be sustained or just another bull trap in the making?

ask

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I see a hard resistance around 6800 usd. if it passes 6800 than its a rally to above 20000usd and this will be a fast rally
also hashrate drop is important for me

Lucius

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Nothing new from Fundstrat, just a another person with some new "wisdom" that BTC must do something just because he think like that, based on 15 day studies - imagine if he studied BTC for 30 days Cool

Regarding Tom Lee’s prediction, even if in this moment that 25k $ seems very elusive we should all remember that exactly a year ago price was only 2400 $, and by end of the year reached its peak at 20k $. I do not know can we see something like that this year, but if a new one pump happens, then it will be much easier to reach 25k $ then 20k $ last year.

reactorjuno

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Quote from: LFC_Bitcoin on June 30, 2018, 01:48:11 PM

Utter rubbish

Very convincing post, thanks for contributing.

richardsNY

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Fundstrat or Fundrat?

It's quite annoying how these dudes try to act like they know how things go, and then blatantly adjust their view on the market based on the changed flow. Yesterday I saw another video featuring BitMEX CEO stating that he still stands by his prediction of $50,000 for this year, but it's based on hot air. At least he's not changing his views, which is positive on its own. That dude however doesn't care about the price at all, and he even admitted that. BitMEX makes the most money out of a fluctuating market, the price is no factor....

cellard

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Call me when we stay comfortable above $10,000, anything but that will keep me thinking we aren't on a proper trend reversal, just short sighted pumps that will end up collapsing again, but stop being sad about that and use your brain: that is where you accumulate tokens. We need to shed out all the idiots that came in December because they heard on the news how this bitcoin thing was going to the moon, they are the ones that bursted the bubble. They will now think "bitcoin is dead" and this is where we buy again, to get a new ATH and a new higher bottom, and this will continue happening until organic stabilization of the price happens at around $1,000,000 within the next decade(s). Remember that most people simply aren't biologically wired to think long term, they will not make it.

LFC_Bitcoin

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Quote from: reactorjuno on June 30, 2018, 01:18:14 PM

25k$?

Well I would love to believe that since last year Bitcoin was below 3k$ in June and reached 19k$ in December. However, the trend is totally different now. So I don't buy that prediction, Bitcoin will have a hard time to break 10k$ again.

Utter rubbish

reactorjuno

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25k$?

Well I would love to believe that since last year Bitcoin was below 3k$ in June and reached 19k$ in December. However, the trend is totally different now. So I don't buy that prediction, Bitcoin will have a hard time to break 10k$ again.

bbc.reporter

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@pooya87. Yes, I reckon market analysis is more art than science. But sometimes you may never know. The analysts can make the right decision in the most decisive time hehe.

In any case, I am watching bitcoin and $6300.

samcrypto

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Really hard to hit $25k for bitcoin if you only base at the current trend, prediction might be too much but it still possible. Hopefully bitcoin can sustain its level beyond the support level or else the market will continue to dump. Let's see this in the 3rd quarter to confirm if its still possible to make a new all time high, or make a new all year low. Cheesy

pooya87

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you can never predict bitcoin with things like moving average and all the rest. and when it is at times like this (when price is unexpectedly going down and mostly because of dumps and the lack of buy support since the money has fled the market) you definitely can't predict the price.
and that resistance level he is mentioning seems more like a joke to me. $6300-$6400 has no significance and the recoveries of bitcoin never happen like this. you will see a jump of at least $1000 if that happens, which i don't think can happen anymore.

Quote from: bbc.reporter on June 28, 2018, 08:27:08 PM

I hope Tom Lee is ok hehe.

LOL

bbc.reporter

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I reckon this is Fundstrat's delicate way of admitting that our man Tom Lee is wrong and this is our new prediction. The bullish appears to be now bearish, should we start to anticipate for the price to go down lower? How low?

I hope Tom Lee is ok hehe.

Speaking on CNBC yesterday, Fundstrat’s Robert Slyumer has given his opinion on the BTC charts. He believes that the current Bitcoin downtrend can only be reversed if the coin creates a short-term break, through the $6,300 mark.

The Bitcoin analyst studied the Bitcoin 15-day moving average charts from May and said:

“It really is a no-man’s land from a trading standpoint. I think if you’re a very short-term trader… we have a critical stop level at the $5,800-6000… with a resistance level of $6,300-6400. If it can rally through that, I think there’s a chance Bitcoin could start to turn.”

Tom Lee’s prediction that Bitcoin will reach $25,000 this year will be a tough rally for the coin in Slyumer’s opinion: “At this point, we’re just seeing recovery rallies back to the 15-day, back to the downtrend, and it’s failing.”

Read in full https://cryptocurrencynews.com/Bitcoin-downtrend

Topic: Fundstrat’s Robert Slyumer: Bitcoin Must Rally Through $6,300 (Read 380 times)