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Crypto Analyst Going Long on Bitcoin (BTC) at $8,000 As Ethereum, XRP, Bitcoin Cash and Litecoin Follow Dip to Crucial Support

by Daily Hodl Staff
November 19, 2019
in Trading

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.

Source: COIN360
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