Looking at a new piece published by Robert Sluymer, Managing Director and Technical Strategy guru for the Fundstrat Team in New York, we see the recent rally, and reversal in Bitcoin explained. Here are some comments taken out of this new research piece.
BTC has paused and some ALT coins are working back to oversold levels.
– Our outlook remains unchanged and view BTC’s consolidation over the past two week’s as a normal, healthy consolidation within a longer-term bull market similar to what developed in June of 2016 following a comparable +335% surge off the cycle lows in 2014.
– BTC – $10K remains an important support level corresponding to the lower end of a 2 standard deviation simple linear regression that does a good job of characterizing BTC’s 2019 uptrend just above BTC’s rising 50-dma. Until technical evidence develops to suggest otherwise we recommend investors AND traders remain patient waiting for BTC to catch up with its uptrend.
Have a look at the Fundstrat website and inquire about their equity and crypto research. Joseph Bodenheimer