Elazar was launched in 2004 by Chaim Siegel and has served famous hedge fund clientele who demand a keen understanding of drivers of individual companies and financial markets. Chaim twice worked for renowned trader Steve Cohen of then-SAC Capital (now Point72). He was also a partner at JLF Asset Management which was funded by George Soros. Previously he was one of seven analysts on a $13B mutual fund at Morgan Stanley Asset Management. Elazar Advisors publishes its research into the Reuters/Refinitiv Institutional Platform and Factset where Elazar's earnings estimates are factored into the Street earnings numbers. Elazar's research is used regularly by fundamental and algorithmic traders and investors at some of the largest mutual fund and hedge fund managers in the world. Chaim has been a 5-Star top ranked analyst in Tesla and other big cap tech companies. Try us with a free trial here . All investments have many risks and can lose principal in the short and l
Bitcoin Drop Near Downside Target
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Bitcoin Still In A Downtrend
Being in a downtrend means there is no way to get bullish but when you start to hit some key levels it's not bad to take some profits and leave some too.
There is probably still downside ahead but the risk/reward tells you a bounce at any point is just as likely.
7500 Key Level
The chart above shows that 7500 was a key level for break outs and break downs.
Closing decisively below this level is more bearish. We need to see what Bitcoin wants to do for the next leg. We'd guess lower based on the trend we've been pointing out.
Conclusion
Reading our work you knew our bearishness on Bitcoin was two-fold. One the trend was down. Two that Bitcoin didn't bounce with the Consensus conference which was sign of "bad action." More likely than not there is still downside in Bitcoin. But this fast run to 7500 balances the very near term risk-reward.
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