[2018-08-29] Crypto trader: The bulls will be back if bitcoin holds above $7,000

[Terraformer]

If bitcoin holds its value around $7,150, cryptocurrency trader Michael Moro says, it could be on its way back to $10,000.

“If the [$7,000] level holds, say for the next week, two weeks, the bulls will 100 percent be back. They will be more comfortable that the lows for the year are in, and that we are more likely to see $10,000, rather than $5,000,” Moro said Wednesday on CNBC’s “Fast Money.”

The Securities and Exchange Commission rejected nine applications to create a bitcoin exchange-traded fund last week, due to worries about bitcoin price manipulation, Business Insider reported. Similar news has in the past sent bitcoin tumbling, but this time, the price rallied.

“Once the news broke about the SEC rejection and the price actually held, we did not see the 5, 10, 15 percent sell-off that you’ve seen in previous rejections. So I think the bears have realized they’ve run out of steam,” said Moro, CEO of cryptocurrency trading firm Genesis Trading and of Genesis Capital.

To get back up to that $10,000 price, bitcoin is going to need slow and steady growth in price and trading volume, rather than violent 5 percent and 10 percent jumps, he said.

“I believe the market now understands that the SEC’s ETF approval isn’t any time soon. So I think that the market sentiment regarding the product and the approval process is now far more muted, which I think is a healthier outlook for the next 12 months,” he added.

Moro said if bitcoin holds just above its current level, bulls will jump back in.

“I think the key level is $7,150, to be more exact, but if we can hold that next week, I do think we will see a sentiment turnaround in the market,” Moro said.

Bitcoin was trading around $7,050 Wednesday evening, according to Coindesk.

https://www.cnbc.com/2018/08/29/crypto-trader-the-bulls-will-be-back-if-bitcoin-holds-above-7000.html

[gentlemand]

So the CNBC contrarian indicator strikes again. Doing the opposite of what they report is a cast iron guarantee of success.

Now less than 7 grand and looking droppy.

And who is this Michael person and why should anyone respect his opinion?

[rodskee]

With due  respect sir i want  to know who is moro because i didn't know who is he
Commenting about the bitcoin future trend, but even if i didnt know him hoping his thoughts become true
This positive information came him are gives an hope for all bitcoin ethusiasm

GOOD LUCK to ALL HOLDERS and WATCH OUT BITCOIN PRICE BEFORE END of the YEAR

[Kemarit]

Michael Moro: (https://www.linkedin.com/in/michaelmoro), Michael Moro, CEO of Genesis Capital and Genesis Global Trading

Unfortunately though, bitcoin didn't hold up that $7000 and now the price is hovering just above $6800. So the bears has still control of the market, there might be loosing some steam though, it bulls are not brave enough to buy at this dips. As far as the ETF's, I'm assuming that majority still believes that this is the only catalyst that will bring the bulls back, but again, I have mix emotions about this whole ETF's scenarios.

[gentlemand]

Michael Moro: (https://www.linkedin.com/in/michaelmoro), Michael Moro, CEO of Genesis Capital and Genesis Global Trading

Some fine cred after all.

All the same I presume these guys get a nice limo to the studio and hand relief from the anchor as there's no other reason they'd bother showing up to spout things that no one in this solar system has a clue about.

[NeMa94]

Not familiar with the mentioned Michael, but whoever he is, his speculations can only be that - speculations. No one can predict any flow direction on the market these days. Patience is key. Hoping for the best.

[1Referee]

So the CNBC contrarian indicator strikes again. Doing the opposite of what they report is a cast iron guarantee of success.

You don't even have to use CNBC as indicator to know that we're constantly setting lower highs. I don't know how many times this year I have shorted the short term peaks, but thus far every short has turned out to be profitable just by using the longer term downtrend in my advantage. The market has turned into a predictable vehicle and nothing will change that unless something groundbreaking happens and the market turns full biullish, which I don't see happen this year.

It's far more likely to see $5000 than $10,000 this year, and I'm not saying that because we're closer to the $5000 level right now. If you also take into consideration that January and February have always been the worst months of a year in Bitcoin, I'm pretty confident that we'll see the market bottom out for real in Q1 of 2019.

[Nauticalam]

Not familiar with the mentioned Michael, but whoever he is, his speculations can only be that - speculations. No one can predict any flow direction on the market these days. Patience is key. Hoping for the best.

That is right. The price is $68xx now, so there will not be bull?

[gentlemand]

It's far more likely to see $5000 than $10,000 this year, and I'm not saying that because we're closer to the $5000 level right now. If you also take into consideration that January and February have always been the worst months of a year in Bitcoin, I'm pretty confident that we'll see the market bottom out for real in Q1 of 2019.

More than possible but I'd like to see what the winter holds first. These last few months and next upcoming couple have traditionally been nothing months in terms of action. I see no reason to rally but it rarely needs one.

[darkangel11]

Not familiar with the mentioned Michael, but whoever he is, his speculations can only be that - speculations. No one can predict any flow direction on the market these days. Patience is key. Hoping for the best.

That is right. The price is $68xx now, so there will not be bull?

It depends. If we don't go below 6700 and bounce back of it there's a chance for a continuation. For now this still looks bullish on the 1h chart. We could easily hit 7400 next week. This correction was too flimsy for now, the potential was for a much higher move, but the fact that it was weak is also a little positive because it shows that not many people are willing to trade. The volume is not there. I guess we'll need some news to move.

[mazdafunsun]

So the CNBC contrarian indicator strikes again. Doing the opposite of what they report is a cast iron guarantee of success.

You don't even have to use CNBC as indicator to know that we're constantly setting lower highs. I don't know how many times this year I have shorted the short term peaks, but thus far every short has turned out to be profitable just by using the longer term downtrend in my advantage. The market has turned into a predictable vehicle and nothing will change that unless something groundbreaking happens and the market turns full biullish, which I don't see happen this year.

It's far more likely to see $5000 than $10,000 this year, and I'm not saying that because we're closer to the $5000 level right now. If you also take into consideration that January and February have always been the worst months of a year in Bitcoin, I'm pretty confident that we'll see the market bottom out for real in Q1 of 2019.

Completely agree with you, was expecting lower high again soon, and here it is.
Good for you that you are takeing advantage of this market, i dont have the nerve right now to do so . I thin kthat we will have chance of entering new bullish cycle when market will calm down.

[vit05]

So the CNBC contrarian indicator strikes again. Doing the opposite of what they report is a cast iron guarantee of success.

Now less than 7 grand and looking droppy.

And who is this Michael person and why should anyone respect his opinion?

It seems to be really the best indicator. Maybe because they always want to report what happened in the last hours. When it is rising they indicate that it will arrive on the moon. When it is falling they try to predict how far it will fall.

But they never bet on a resumption. In a sudden change of direction and this always happens with the cryptos.

[timerland]

If bitcoin holds its value around $7,150, cryptocurrency trader Michael Moro says, it could be on its way back to $10,000.

“If the [$7,000] level holds, say for the next week, two weeks, the bulls will 100 percent be back. They will be more comfortable that the lows for the year are in, and that we are more likely to see $10,000, rather than $5,000,” Moro said Wednesday on CNBC’s “Fast Money.”

The Securities and Exchange Commission rejected nine applications to create a bitcoin exchange-traded fund last week, due to worries about bitcoin price manipulation, Business Insider reported. Similar news has in the past sent bitcoin tumbling, but this time, the price rallied.

“Once the news broke about the SEC rejection and the price actually held, we did not see the 5, 10, 15 percent sell-off that you’ve seen in previous rejections. So I think the bears have realized they’ve run out of steam,” said Moro, CEO of cryptocurrency trading firm Genesis Trading and of Genesis Capital.

To get back up to that $10,000 price, bitcoin is going to need slow and steady growth in price and trading volume, rather than violent 5 percent and 10 percent jumps, he said.

“I believe the market now understands that the SEC’s ETF approval isn’t any time soon. So I think that the market sentiment regarding the product and the approval process is now far more muted, which I think is a healthier outlook for the next 12 months,” he added.

Moro said if bitcoin holds just above its current level, bulls will jump back in.

“I think the key level is $7,150, to be more exact, but if we can hold that next week, I do think we will see a sentiment turnaround in the market,” Moro said.

Bitcoin was trading around $7,050 Wednesday evening, according to Coindesk.

https://www.cnbc.com/2018/08/29/crypto-trader-the-bulls-will-be-back-if-bitcoin-holds-above-7000.html

I still doubt this. Not every "expert" opinion is valid, and some of them merely say things for their own benefit (not saying that this person is doing so, so don't get me wrong), or to get more media coverage with bullish news in a bearish market.

Anyways, I think that it's extremely unlikely to see a trend reversal happening to all of a sudden see bullish activity coming out in a period of such bearishness.

The bear market doesn't seem to be ending and this pump at the moment should only be temporary. The $10k resistance which is much stronger than the author suggests it to be is likely not to be broken at this stage either. Just because bitcoin holds it current level, doesn't mean that the support is necessarily there yet. We don't even know if $6k is going to continue to hold as support.

[cetald]

A similar situation was already last spring. The main thing to overcome the price is 10000 USD. Then it will be a signal for the bulls. And trade in the region of 7000 USD does not play a role.

[Lucius]

It's far more likely to see $5000 than $10,000 this year, and I'm not saying that because we're closer to the $5000 level right now. If you also take into consideration that January and February have always been the worst months of a year in Bitcoin, I'm pretty confident that we'll see the market bottom out for real in Q1 of 2019.

It is possible that both scenarios happen, we are now almost at the same distance from 5$k and from 10k$. But I disagree that after 3-4 times price hit 5800$ and proved that there is strong resistance we should be expected something lower then that. Also period from September to December is usually the best part of the year for BTC, why would not it be this year too?

[Aikidoka]

A similar situation was already last spring. The main thing to overcome the price is 10000 USD. Then it will be a signal for the bulls. And trade in the region of 7000 USD does not play a role.

Totally agreed. If the price does not reach $10k, then I do not think it will be back to $20k. My prediction is that the price will start its journey to $20k from October. But I highly think it will not exceed it. We are going to experience a huge rise, and then everything will go back to normal. I feel like this is a déjà-vu. I feel like this is a circle that is spinning slowly. But either ways, people need to be positive and patient because I am sure their efforts will be paid off eventually.

[1Referee]

But I disagree that after 3-4 times price hit 5800$ and proved that there is strong resistance we should be expected something lower then that. Also period from September to December is usually the best part of the year for BTC, why would not it be this year too?

If you keep testing the same lower support levels time on time again, they'll eventually break because these revisits point out that there is next to no demand on the higher side.

If $7500 turns out to be the next high within the longer term downtrend pattern, I'm pretty sure that we'll see the high after that be somewhere around $6500 (give or take a few hundred). What happens is that we'll be facing an extremely narrow range of $5800-$6500 till the lower highs become nearly as low as the main ~$5800 critical support level, which will then result in a significant outbreak either up or down.

I sincerely hope that $5800 is the ultimate low, but I just can't take anything for granted with how this market keeps going down and down. If there is no significant upwards push this year, then Q1 of next year will mark the ultimate bottom.

[Slow death]

the price fell a lot, from $ 7200 to $ 6400. Is a very big fall, as we do not have good news able to create conditions of increase prices, so we will only see price drop. I have already commented on this in another thread, but I will say here, if the price of bitcoin falls below $ 6000 will be a great disaster for all altcoins and the loss that many people will have will be very large.

[hatshepsut93]

But I disagree that after 3-4 times price hit 5800$ and proved that there is strong resistance we should be expected something lower then that. Also period from September to December is usually the best part of the year for BTC, why would not it be this year too?

If you keep testing the same lower support levels time on time again, they'll eventually break because these revisits point out that there is next to no demand on the higher side.

If $7500 turns out to be the next high within the longer term downtrend pattern, I'm pretty sure that we'll see the high after that be somewhere around $6500 (give or take a few hundred). What happens is that we'll be facing an extremely narrow range of $5800-$6500 till the lower highs become nearly as low as the main ~$5800 critical support level, which will then result in a significant outbreak either up or down.

I sincerely hope that $5800 is the ultimate low, but I just can't take anything for granted with how this market keeps going down and down. If there is no significant upwards push this year, then Q1 of next year will mark the ultimate bottom.

This is why I don't believe that we have passed the bottom yet, we still haven't seen true despair and stagnation, but so far people are proclaiming the new bull runs every few weeks. As the market frustration with these bull traps grows, the possibility of a drop below $6k grows bigger, but I doubt we'll have a new floor significantly lower than $6k, most likely we'll just stuck with this level for months, and a new bull run will begin slowly, instead of exploding to $10k like the bulls predict.

[Samarkand]

...
I doubt we'll have a new floor significantly lower than $6k, most likely we'll just stuck with this level for months, and a new bull run will begin slowly, instead of exploding to $10k like the bulls predict.

I also think that the BTC price will trade in the $6k to $8k range for the foreseeable future.
The upside is limited, because there are no real catalysts that could start another bull run.
Besides, many investors got burned due to buying BTC or altcoins at the top and
will therefore be reluctant to pile in new money.

But the downside is also limited, because a dump from the $6k level would push
the price awfully close to the breakeven point for many miners. The miners
are therefore heavily incentivized to prop up the price (either by buying coins
outright or by simply refraining from selling their mined coins).

I predict a prolonged sideways market and then the next bull run in the
months before the block reward halving.