Robert Sluymer, MD Technical Strategy
Crypto TA Strategy: Accumulate pending near-term pullback for a Q4 acceleration
A bounce back to resistance sets the stage for another opportunity to accumulate BTC
- BTC’s recent bounce is showing early evidence of stalling around 11-11.2K resistance near the 50-62% retracement of the August decline and the summer 2019 downtrend. Slide 3
- Given 4-hour RSI is overbought and peaking, expect a pause/pullback to develop in the coming week. Support remains near 10K at the 90-hour (15-day) dma. Slide 4 We continue to recommend using near-term weakness to accumulate BTC in anticipation of an upside acceleration in Q4. Why?
The Fundstrat team (Rob Sluymer, technicals) has put together a list of charts with ideas on accumulation for a Q4 acceleration in Bitcoin. The Ethereum Summer downtrend is still in place despite low/oversold RSI. The complete research piece with charts is clearly the most impressive offered on Wall Street.