RATE Group | Top technical analyst says it could be ‘game-over’ for bitcoin
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Top technical analyst says it could be ‘game-over’ for bitcoin

09 Aug Top technical analyst says it could be ‘game-over’ for bitcoin

Posted at 16:40h in Bitcoin News by

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A smartphone displays the Bitcoin GBP market value on the stock exchange via the Yahoo Finance app. 

Guillaume Payen | SOPA | LightRocket | Getty Images

A smartphone displays the Bitcoin GBP market value on the stock exchange via the Yahoo Finance app. 

A difficult week for bitcoin investors may get much worse, according to Renaissance Macro Research.

The firm’s head of technical research, Jeff deGraaf, said he would recommend betting against bitcoin if the cryptocurrency broke through its key year-to-date support level.

“Parabolic moves are notoriously dangerous for short‐sellers … Usually a top develops that often appears as a descending triangle over months, with reduced volatility and little [fanfare],” deGraaf said in a note to clients Thursday. “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…

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