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.
Bitcoin had a nice bounce that tapped the previous 4hr chart low and I honestly think it needs to push up more before continuation down
Watching the daily resistance area overhead in between $10,192 to $10,342 as potential short term top if price breaks above $9830 pic.twitter.com/REu3VzgP3l
— Josh Rager ? (@Josh_Rager) July 17, 2019
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.”
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.
Bitcoinist – BTC bears now eyeing $8,800 Target
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