A technical analyst at Fundstrat Global Advisors says now is the time to buy Bitcoin.
In a new note to clients, strategist Rob Sluymer says Bitcoin’s relative strength index (RSI) is starting to show an upward shift in Bitcoin’s momentum, reports Bloomberg.
“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.”
Sluymer also highlights the “impressive” performance of Litecoin, advising clients to “continue to use near-term pullbacks to accumulate.”
Meanwhile, analyst Crypto Thies told his 28,000 followers on Twitter that the 3-day RSI doesn’t look so hot. He’s seeing warning signs for BTC, and is selling his Bitcoin for Tether to see if the leading cryptocurrency can close above $8,200.
Lets spell it out for the people who are new to volatility
1D chart : H & S = bearish
3D H&S + RSI Trend Of Dumping >30% when above 90 = bearish
1W & 2W Bearish Engulfing = bearish
Tradingwise I'm back in if 1D closes > 8200
Investment wise of course i'm balls deep still. pic.twitter.com/mAj0waOAsI
— Parabolic Thies 📈 (@KingThies) June 13, 2019
Right now, Bitcoin is up 1.32% at $8,242 according to COIN360. Ethereum is up 1.37% at $259.38. XRP is up 0.65% at $0.4026, and Litecoin is down 1.54% at $131.20.
Meanwhile, CoinDesk’s Omkar Godbole says a long-term Bitcoin indicator could soon turn bullish for the first time since late 2015.
Blockonomi – BTC making gains, next resistance at $8500
Crypto Briefing – Ethereum has avoided the dark side, now drifting back upwards
Coinspeaker – ETH/USD price broke up $258 level, exposed $289
Blockonomi – LTC hits $140, now correcting down
FXStreet – Doji pattern sends a bearish signal for LTC