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Futures trader, analyst and founder of GRZ Energy, Anthony Grisanti, says he’s shorting Bitcoin. On CNBC’s Futures Now, Grisanti says he’s looking for BTC to drop below $9,000.
“I’m looking for a move back down to $8,900. And if I get stopped in, I’m going to put my stop in at $10,500 because I think the market is going to have a hard time getting above that.”
Meanwhile, analyst Josh Rager suggests that today’s Bitcoin bounce from $9,200 to around $9,800 is likely a short-term pop before the price moves back down.
https://twitter.com/Josh_Rager/status/1151522530307579905
Rager says his analysis of Bitcoin’s current price action combined with on-chain data indicates Bitcoin may hit a short-term bottom at around the $8,000 mark.
“If I had $10k, I would buy 25% BTC around the mid to high 9ks, another 25% around $9k and another 25% between 8k to 8.5k and have 25% left in case it goes under 8k.
Some suggest 5.6k to 6.4k but support is heavy at $8k.”
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At time of publishing, Bitcoin is up 1.05% at $9,764 according to COIN360. Ethereum is up 7.56% at $215.14, XRP is up 8.08% at $0.3184 and Litecoin is up 15.02% at $91.60.
CoinDesk’s Omkar Godbole says if past is prologue, Bitcoin bulls might not return until BTC dips below $8,000.
Bitcoin
CoinDesk – Strong case emerging for BTC drop below $8,000
Bitcoinist – BTC bears now eyeing $8,800 Target
Ethereum
FXStreet – ETH/USD creeps above $200, ultimate resistance at $230
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XRP
FX Empire – XRP needs support of the broader market to break $0.30
EOS
Blockonomi – Major bearish trend line is forming with resistance near $4.00
Litecoin, Bitcoin Cash, Binance Coin, Tron
NewsBTC – Crypto market could bleed further: BCH, BNB, LTC, TRX analysis
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