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‘Game Over’: Wall Street Analyst Says Bitcoin Must Not Breech Year-To-Date Support

Discussion in 'General Discussion' started by Arpit, Aug 10, 2018 at 1:08 PM.

  1. Arpit

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    Renaissance Macro Research’s head of technical research Jeff deGraaf concluded it may be “game over” for Bitcoin (BTC) in a new analysis, CNBC reports August 9.

    In a note to clients, deGraaf, who has received multiple accolades for his trading insights in the past twenty years, claimed Bitcoin’s price movements suggest the largest cryptocurrency is “permanently impaired.”

    CNBC quotes deGraaf as writing that Bitcoin’s “parabolic moves are notoriously dangerous for short-sellers,” adding that a top normally develops with the appearance of a “descending triangle over months, with reduced volatility and little [fanfare],”

    “Once the top is complete on the support violation, the security in question can often be considered permanently impaired or even 'game‐over'. We are of course referencing Bitcoin as exhibit 'A' in today's market.”

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