RATE Group | Fundstrat Tech Guru: Bitcoin Bulls Lose Upper Hand After Very Damaging Drop
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Fundstrat Tech Guru: Bitcoin Bulls Lose Upper Hand After Very Damaging Drop

08 Sep Fundstrat Tech Guru: Bitcoin Bulls Lose Upper Hand After Very Damaging Drop

Posted at 20:59h in Bitcoin News by

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According to a notable technical analyst, the recent Bitcoin price drop significantly deteriorated the case for a pending market reversal, signaling that bulls must do a significantly greater amount of work in order to reverse the persisting bear market.

Rob Sluymer of Fundstrat Global Advisors first claimed that Bitcoin bulls must defend $6,800 and $6,600 a day before the major price drop, where Bitcoin fell from nearly $7,400 to its current levels of $6,400. Sluymer theorized that a drop below the “crucial” $6,600 level would likely lead to a retest of Bitcoin’s year-to-date lows around the $6,000 level.

While speaking to MarketWatch following the massive price drop, Sluymer said that the price drop was “a very damaging drop,” adding that there is little evidence of a strong setup for Bitcoin from a technical analysis standpoint.

“There is no strong technical setup for bitcoin, we remain with lower lows and lower highs. If you do [day trade], you have to have a tight…

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