A technical analyst from market strategy and research firm Fundstrat Global Advisors has inferred from studying the relative strength index of the cryptocurrency market that the market is open for fresh gains, and has advised investors to buy, according to reports from Bloomberg.
In the recent months of uncertainty ridden by speculations and hopes for better market performance after a gradual reversal from a year-long winter period, investors may have been cautious as to engage fully with the market, especially considering the recent performance which saw a sudden spike in the price of Bitcoin without warning.
A recent report from Fundstrat highlights upward movements in the relative strength index of the market from neutral levels which may be an indication that the dip is over. Fundstrat technical strategist Rob Sluymer had till the moment of his notes to investors, reportedly advised them to be patient with the supposedly bullish trends referencing the surge that occurred in May when the price of Bitcoin sent the crypto market to new 2018 highs and approached a 10-months’ high since 2018 bearish trends. However, Sluymer seems confident this is the right time to buy Bitcoin, suggesting:
“Another upside attempt appears to be developing for most cryptocurrencies. We expect Bitcoin to stage another rally from current levels toward next resistance between USD 8,800 – USD 9,000.”
Sluymer had earlier in May advised investors to take advantage of the pending pullbacks to accumulate as the winter comes to a close, preparing the minds of investors for astronomical gains in the second half of the year. Moreover, Fundstrat co-founder Tom Lee had recently speculated Bitcoin’s trip to USD 10,000 will be an important indicator to further highs – as much as USD 40,000; in about five months’ time. As at press time, Bitcoin currently trades at USD 8,199.
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