Crypto analyst Jacob Canfield says he’s gearing up to go long on Bitcoin.
In a new video to his 54,000 subscribers on YouTube, Canfield says he recently closed his short on BTC.
He believes buy-side volume will begin to pick up if and when BTC flirts with a critical level of psychological support at around $8,000.
“Right now, I’m a mini bull. I want to say that with a grain of salt. I was publicly bearish around $9,900. I just closed my short around $8,150. I think it’s a little late to short right now…
I’m long from the $8,000 level. I’ve got a nice little wick entry, but my stop loss is pretty tight. I don’t feel comfortable about holding if we break this level right here which is around $7,910. If we break that level, it’s really thin air below this. So we might get one more to $7,910. So $7,850 is a decent stop loss. Basically like a 3% stop loss.
It depends on if you’re margin trading or if you’re spot trading. If you’re spot trading, I think this is a beautiful place to start adding in some positions. But I think we might consolidate for a little bit. We always consolidate after those big nasty moves.”
The crypto market at large is following Bitcoin’s descent toward $8k.
At time of publishing, the leading crypto is down 1.17% at $8,107 according to COIN360.
Ethereum is down 2.75% at $174.27, XRP is down 1.54% at $0.2496, Bitcoin Cash is down 3.34% at $239.79 and Litecoin is down 2.08% at $54.83.