Head Genesis Trading Michael Moreau in conversation with CNBC expressed his opinion that the fall in the price of the first cryptocurrencies will stop at $3000.
“Do you not find the bottom until, until you reach the level of $3,000 with subsequent flat”, said Moreau.
His argument, he argues that price several times over the last few days almost seamlessly tested $4000. According to him, there will be serious obstacles on the way to $3000.
Also, the analyst advised caution for those who want to increase the positions at the bottom. At the same time, he believes, long-term investors are set to hold current positions and expects to restore prices.
“This is the fifth or sixth drop of more than 75% for the ten-year history of bitcoin, shares his thoughts Chapter of Genesis Trading. — I do not think that institutional investors seriously concerned about what will be the price of bitcoin in 2018, because they are focused on 3-5 year perspective”
Note that using marked Moro the level is simple moving average period 200 on the weekly chart:
BTC/USD the weekly chart of the exchange Bitstamp
We will remind, the representative of Oanda Corp. Stephen Innes expressed the opinion that many investors will begin to exit bitcoin at the price of about $3000.