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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.”
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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.
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.
Bitcoin
CoinDesk – Bitcoin price eyes chart pattern that kicked off bull market in 2015
Blockonomi – BTC making gains, next resistance at $8500
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Ethereum
Crypto Briefing – Ethereum has avoided the dark side, now drifting back upwards
Coinspeaker – ETH/USD price broke up $258 level, exposed $289
XRP
Blockonomi – XRP showing positive signs above the $0.4000 pivot level
FXStreet – XRP gains support above several important technical levels
Litecoin
Blockonomi – LTC hits $140, now correcting down
FXStreet – Doji pattern sends bearish signal for LTC
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