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New $230 Million Mt. Gox Sellout Triggers A Downward Trend For Bitcoin – DC Forecasts

According to one CNBC Futures Now trader named Jim Lurio, the price of Bitcoin will trade above $6,800. Based on his market analysis, Lurio is in the latest Bitcoin news for estimating a low critical support level at $6,000 and potential short-term bullish trend for the flagship cryptocurrency.

Lurio first came with these estimates during the trading on the floor of the Chicago Mercantile Exchange (CME), ahead of the latest CBOE bitcoin futures contract. According to him, Bitcoin lacks some fundamentals which need to be there for the price to be based on them – however the use of market tacticals can definitely be a great way to predict its pricing, specifically in a trading technique known as ‘stop-in.’

When asked about how he intends to trade the Bitcoin futures contract, Lurio confidently said:

“$6,000 is a big deal. I don’t know why it’s a big deal but if you look at the charts, it’s clearly something. Every time it gets there, it gets rejected again. If it trades at $6460, about $60 above where it is now,  we do this technique a lot called the stop in. We wait for a little bit of strength and try to jump in at the right time.”

He also stated that with Bitcoin hovering around $6,500, he would make the call to stop-in with a target of $6,860. Right now, Bitcoin is trading at around $6,612 – which is definitely relatable to Lurio’s comments.

However, he also said that only if Bitcoin retraces to trade below $6,210, the entire bet would fall apart, leading the biggest cryptocurrency in terms of market cap to again test the $6,000 support level.

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