The most famous Bitcoin cryptocurrency, must reach at least a base of fluctuation of USD 6,000, which is considered the critical point to reverse the downtrend that has hit the market in recent months, says Robert Slyumer of Fundstart.
"It really is a" no man's land "from the commercial point of view, I think that if you are a very short-term operator, we have a critical level in the US $ 5,800 / US $ 6,000 deceleration of the fall, with a level of resistance between 6,300 and 6,400 USD. If it can be kept there, we believe that there is great potential for Bitcoin to start a rapid recovery. "
In the interview made by CNBC, Slyumer showed a graph of the "moving averages" of the last 15 days of the BTC market, and compared them with the charts of September 2017. These indicate as it was in September of last year, that the markets have shown progressively higher minimums (daily decreases becoming smaller).
In addition to this, Robert pauses for a moment at the $ 7,000 resistance point that took place a little less than a month ago, and explained that it had been a "very critical" support point until now, with BTC losing that support without breaking the barriers of US $ 7,800 at that time.
What we now have are "low highs" inevitably with a general downward trend, trading at lower prices below their trend for today, which indicates along with progressively lower minimums, which the market is showing signs of recovery.
He also pointed out that in the medium term the prices would be around 5,800 to 6,000 USD, which he called "an absolutely critical support point " for Bitcoin, since assuming that all predictions fail, breaking this support quickly would be reaching prices below US $ 5,000.
"Until now the bearish trend is intact ... At this point we are seeing recoveries according to the 15-day charts, stopping its bearish trend."
For the founder of Fundstart sees very difficult with these current trends that Bitcoin reach by the end of years the $ 25,000 as were the predictions of Tom Lee.
For him it will be a year of struggle not to continue with the downward trend, not the year in which BTC breaks records and is located in such exaggeratedly high prices, although for Slyumer the market is very volatile and everything can happen.