CNBC Crypto Analyst and Futures Now Trader Forecast Bitcoin Price Spike Using Tactical Market Data
CNBC Crypto Analyst Forecasts A Bitcoin Price Revitalization Based On Market Tactical Data
Jim Iurio, of the Futures Now show on CNBC, has recently predicted that the price of bitcoin will go over $6,800 soon based on extensive market analysis, which holds the $6,000 price point as the key support level. Jim said these remarks when he was speaking to Anthony Grisanti, where he stated that the market tactical data were essential to correctly predict bitcoin price movements.
In Jim’s view, even though bitcoin doesn’t appear to have a fundamental core that you can base its prices on, using market tactical data is the most effective method of forecasting its pricing via the ‘stop-in’ trading technique. He made these comments a few days ago on the trading floor of the CME before the finalization of the recent CBOE Futures Exchange contract for trading Bitcoin futures.
When answering a question regarding how his strategy for the new bitcoin futures trading, Jim commented that $6,000 was a significant price point. He said that every time bitcoin prices reached that price point, it would get rejected. However, if it traded at around $6460, then they would use the stop-in trading technique where they wait for any show of strength in bitcoin and then jump in immediately.
Continuing, Jim commented that with the bitcoin value at approximately $6,460, the stop-in would be initiated at $6,860. With this strategy, the only way the bet will fall apart is if bitcoin would retrace back and trade under less than $6,210, which would also mean that the cryptocurrency would test its $6,000 base support level.
Anthony Grisanti agreed with this evaluation that the inadequate bitcoin pricing fundamentals make it essential to consider trades using tactical data. He commented that every time there was nothing like fundamentals that you can use to build your trade on, then you must stop yourself at the tactical level, waiting for follow-throughs. If you don’t get the follow through, then you don’t get in that trade.
What Is Tactical Trading?
A tactical trader, like Jim Iurio, generally seeks to use more active strategies when trading rather than simply buying and holding assets. This trading style emphasizes trends instead of long-term core analysis to determine price trends as well as figuring out the optimal points to enter or exit the market.
According to various media reports, including CCN, bitcoin recently rose above the USD by 1.5% while moving progressively towards $6,500. This positive price movement of bitcoin occurred even as Zaif, the Japanese exchange, was hacked and lost 6,000 BTC.
In conclusion, Jim remarked that even though the inadequate fundamentals meant that it was harder to evaluate bitcoin prices, price discovery still happens within the market. That discovery is already occurring with the $6,000 price point increasingly seen as the crypto’s key support level.