Fundstrat Global Advisors Technical Analysis Points to Further Rally
|In its new technical analysis, market research company Fundstrat Global Advisors says that cryptocurrencies are poised to make further gains, Bloomberg reported on June 13.
Per the analysis, most digital currencies are trending upwards as relative-strength-index momentum has begun to turn upward from neutral. The tendency purportedly indicates strength in the markets.
Rob Sluymer, a technical strategist at Fundstrat, told Bloomberg that he is recommending investors demonstrate patience in the wake of the crypto markets’ surge in May, but stressed that there are early signs of potential new gains. Sluymer said:
“Another upside attempt appears to be developing for most cryptocurrencies. Increase exposure. We expect bitcoin to stage another rally from current levels toward next resistance between $8,800–$9,000.”
In late May, Fundstrat co-founder Tom Lee claimed that the crypto winter is over. Lee’s timeline of events documenting the turnaround dates back to November 2018, when a bitcoin cash (BCH) hard fork battle exhausted the bitcoin supply held by two rival mining pools. Other significant milestones listed by Lee include Jan. 23 of this year, when on-chain transactions turned positive year-on-year for the first time in 12 months.
Bitcoin price analyst Oliver Isaacs recently said that he thinks the coin will hit $25,000 around the end of 2019. "There are multiple drivers behind the recent resurgence. There are geopolitical, technological and regulatory drivers. The net effect of the trade war between the U.S. and China has led to the sudden interest in bitcoin as a hedge on investments," Isaacs stated.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.