Market Analysis

Fundstrat: Do not buy digital currency before the bullish trend sets in

Fundstrat: Do not buy digital currency before the bullish trend sets in
Oct 11, 2018 by Rico Wise

Recently, Robert Sluymer, the technical strategist at Fundstrat Global Advisors, claimed that those financiers looking for opportunities to expand their BTC holdings should rather hold on and let the cryptomarket display a clear reversal of trend first.

The note sent to the clients of Fundstrat advises financiers to exercise patience and expect a more evident trend improvement prior to exposing their holdings.

As previously reported, BTC value has recently displayed record period of stability. Daily trading volume of the world’s most dominant digital currency has narrowed down to levels unseen for about a year and a half and the price of the coin itself appears to be tethered to 6,550 US dollars. The decreasing fluctuations coincided with a trading volume decline, commonly interpreted amongst the analysts as seller shortage or decrease in the number of speculative purchasers.

So far, the trading volume of Bitcoin stays strong, with some specialists expressing optimism, believing that the cryptomarket is in the preparation for a substantial movement, most possibly being a rally.

The majority of the technical analysts believes that BTC currency has already taken the course for transition from bearish to bullish trend, with an upside movement inbound for the last two months of this year.

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Managing Director at Fundstrat Global Advisors
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