[2018-06-12]Don't count on a bitcoin rebound from the weekend rout any time soon

[ruthbabe]

Bitcoin's plunge below $7,000 to a two-month low indicates the cryptocurrency will have a difficult time recovering, technical strategists say.

"The downtrend that began in early May is still intact and will need to be reversed to signal an improvement for BTC," Robert Sluymer, technical strategist at Fundstrat Global Advisors, said in an email.

For him, $7,777 is the key level bitcoin will have to top to signal an uptrend is underway.

More here, https://www.cnbc.com/2018/06/11/dont-count-on-a-bitcoin-rebound-from-the-weekend-rout-any-time-soon-chart-analysts-say.html

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[SectorZero]

If you read the article till the end then there is a forecast 2000$, who thinks this? I still think that we are told to drain, and we will buy. Than warn about the real situation. I do not believe in 2000$, much minor changes occur, so as to fall.

[ruthbabe]

Yes, I've read it. That is why I keep on watching the market as I still holding bitcoins in my wallet. And as of this writing bitcoin price is $6,784.42 hoping it passes $7000 mark in the next 24 hours so I could convert some into fiat.

[richardsNY]

Don't count on CNBC to know anything about how this market works. They were initially one of the earlier mainstream media channels to tell that Bitcoin would never reach $1000 again after what happened with MtGox, and they still haven't figured out what this market is about. Let a traditional market analyst read Bitcoin's chart and he will point out how much of a bubble Bitcoin is, what's new? As soon as the price jumps back over $7000 we'll see them talk about a reversal and whatnot. If Bitcoin is going to fall to $2000 I will pump all my savings into Bitcoin, no joke.

[veleten]

Bitcoin's plunge below $7,000 to a two-month low indicates the cryptocurrency will have a difficult time recovering, technical strategists say.

"The downtrend that began in early May is still intact and will need to be reversed to signal an improvement for BTC," Robert Sluymer, technical strategist at Fundstrat Global Advisors, said in an email.

For him, $7,777 is the key level bitcoin will have to top to signal an uptrend is underway.

More here, https://www.cnbc.com/2018/06/11/dont-count-on-a-bitcoin-rebound-from-the-weekend-rout-any-time-soon-chart-analysts-say.html

2000$ prediction sounds too far fetched
the market is in a clear bear mood,there is no doubt about it
but to say it is going to lose 66% of its value is preposterous
haven't we seen 2000$ to 19.000$ last year in a matter of 6 months? if there are people selling,there will always be people who buy at a lower price and hold
this article is nothing more than an attempt at a price manipulation,there will be all sort of "news" like this
aka bitcoin is going to die,sel sell sell,1500$ or 2000$ by the end of the year,etc.
while behind the scenes there are players who are simply willing to buy cheap

[Kakmakr]

Is CNBC up to their old shit again?

These guys are the shill media outlets for their Fiat masters. You hardly see anything positive coming from them, so I am not too worried when they report negatively on Bitcoin. We should even hedge against their predictions, because we know they are full of shit. 

I look at the numbers and I make no predictions. I also look at the ATM distribution figures and the news that are coming from unbiased sources. 

[TraderTimm]

This is the same CNBC that told you how to buy shitcoins when they were at their peaks.

Back-fitting, non-informative, and pathetic dinosaurs trying to stay relevant. No wonder their viewership numbers are at a historical low.

[darkangel11]

You guys should have learned by now that when the media are writing their predictions BTC does exactly the opposite. In December all media outlets were screaming bubble. That it's artificially pumped, what Waren, Bill and Jamie said about it, but it kept going up like crazy. Then we had the initial drop to around 10k and everyone was bullish. Media was full of hope that it's just a small setback and we are going to recover. 50k by the end of the year! and we are down 30% from that point. Now everyone is bearish again and we have doom articles all around, guess what's going to happen