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 Price Trend Headed Lower Short Term

Bitcoin's price has broken a key support and has formed a downtrend as we'll review below. Because Bitcoin has invited many new traders and tons of emotion, the trend and technicals matter and can help you decide direction.

$9131 Broken, Headed to $7856

We drew two horizontal lines on the Bitcoin chart to show where key support/resistance formed. The arrows show you how these two price levels accounted for major turning points or breakout and breakdowns in Bitcoin.

We also drew a small trend line on the right side of the chart showing you the downtrend which forced a break of the $9131 support level.

The lower horizontal support line is $7856 which would be about 6% lower than the current Bitcoin price of $8351.

We would guess Bitcoin will drop and test that next key support line and from there we can reassess.

A snap back above $8351 would be needed not to be bearish about the short term trend.


News matters for Bitcoin but what probably matters more is the price itself. Since there are so many new traders and tons of emotion, price trends matter. Identifying the trend is critical in trading in general and Bitcoin in particular. Short term the trend has turned negative so we're now looking for Bitcoin to reach $7856.

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All investments have many risks and can lose principal in the short and long term. The information provided is for information purposes only and can be wrong. By reading this you agree, understand and accept that you take upon yourself all responsibility for all of your investment decisions and to do your own work and hold Elazar Advisors, LLC, and their related parties harmless. Model portfolio trades and positions are hypothetical to be used for directional analysis and ratings purposes. Elazar and its employees do not take individual stock positions to avoid front running and other potential customer related issues.

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