CNBC analyst predicts Bitcoin rebound is based entirely on market tactics

CNBC Futures Now trader Jim Iurio predicted that bitcoin would trade above $ 6,800 based on a $ 6,000 market analysis. Speaking on the show alongside Anthony Grisanti, Iurio said market tactics are key to accurately predicting the movement of bitcoin at a significant level.

He made the comments on September 20 during trading on the floor of the Chicago Mercantile Exchange (CME) before the closing of the latest CBOE bitcoin futures contract. In his opinion, if Bitcoin does not seem to have any fundamental principles on which to base its prices, the use of market tactics can be a useful way of predicting its prices, in particular a so-called "stop-in" trading technique.

Stop-in Trading on Bitcoin Futures Contract
Answering a question about his intention to negotiate the bitcoin futures contract, Iuro said last week:

"$ 6,000 is a big deal. I do not know why it's a big problem, but if you look at the graphics, it's clearly something. Whenever he arrives, he is rejected again. If it is trading at $ 6460, about $ 60 more than now, we do this much more often. We expect a little strength and try to intervene at the right time.

Continuing, he said that with bitcoin, at about $ 6,460, he would launch the call with a target of $ 6,860. At the time of going to press, the price of bitcoin is trading at $ 6,750. In his opinion, it is only if Bitcoin retraces trading below $ 6,210 that the entire bet collapses, leaving Bitcoin to test the $ 6,000 support level again.

In keeping with this assessment, Anthony Grisanti said that the simple lack of fundamentals with which price bitcoin makes the need to base tactical data exchanges.

In his words:

"When you have nothing but fundamentals to exchange, you swap tactics, and that's what Jim does. He stops at a tactical level and looks for follow-up. If he does not get it, he is not in the business.

In conclusion, Mr. Iuoro said that while the lack of fundamental data made bitcoin pricing difficult, price discovery is still occurring in the marketplace, and it appears that $ 6,000 is increasingly likely to be priced. the essential support.

NCC reported Thursday that bitcoin had risen more than 1.5% against the US dollar, gradually rising to $ 6,500, despite the piracy of the Japanese stock exchange Zaif which resulted in the loss of 6,000 BTC.