CNBC analyst predicts Bitcoin's rebound based on market tactics

Jim Iurio, CEO of TJM Institutional Services, expert in futures and options for cryptocurrency trading, and leader of the multiplatform Futures Now on CNBC, predicted this weekend that Bitcoin will be negotiated in the coming days for the 6,800 mark. USD based on a market analysis that starts from the USD 6,000 as its level of critical support .

Speaking on the Futures Now program, along with Anthony Grisanti, Iurio said that market tactics are the key to accurately predict the movement of bitcoin at any significant level .

On September 20, before the closing of the last Bitcoin CBOE futures contract, he made the prediction and commented that, in his opinion, the use of market tactics can be a useful way of predicting his pricing, specifically with a technical commercial called "stop-in" , although the first cryptoactive does not seem to have any basis on which to base its stabilization of costs.

Now, to put us in context, a "stop in" or "stop order" in the world of investments is an order to buy or sell a security when its price moves beyond a particular point, ensuring a greater probability of reaching a predetermined entry or exit price, limiting the loss of the investor or blocking a gain.

Once the price crosses the predefined entry / exit point, the stop order becomes a market order.

Responding to a question about how he plans to change the Bitcoin futures contract, Iurio said last week:

"$ 6,000 is a big business. I do not know why it's a big problem, but if you look at the graphics, it's clearly something. Every time he arrives there, he is rejected again. If it is quoted at $ 6460, approximately $ 60 above what it is now, we do this technique called stop. We expect a bit of strength and we try to jump at the right time. "

Later, he stated that with Bitcoin at approximately $ 6,460, he would make the stop order with a goal of $ 6,860 . At the time of writing, the Bitcoin price is quoted at $ 6,699.

In his opinion, only if the Bitcoin goes back to trading below $ 6,210, the entire bet falls apart , leaving the asset once again to reach the support level of $ 6,000.

According to this evaluation, Anthony Grisanti said that the lack of fundamentals to value Bitcoin makes it necessary to base negotiations on tactical data.

In his words :

"When you do not have anything else as a basis to negotiate, you change tactics, and that's what Jim is doing. It is stopping at a tactical level, looking for a follow-up. If he does not get it, he is not in the trade. "

Concluding, Iurio affirmed that although the lack of fundamentals means that it is difficult to value the bitcoin, the discovery of prices occurs in the market, and this seems to be happening with the $ 6,000 mark looking increasingly to be the crucial support level of the market. active.

Source: CCN