RATE Group | Wait for Clear Bull Trend before Buying More Cryptocurrency
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Wait for Clear Bull Trend before Buying More Cryptocurrency

10 Oct Wait for Clear Bull Trend before Buying More Cryptocurrency

Posted at 22:07h in Cryptocurrency News by

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bitcoin price waiting for trend reversal

Wall Street strategy firm Fundstrat Global Advisors is among the mainstream financial industry’s biggest long-term cryptocurrency bulls. However, the firm is advising clients to hold off on buying more bitcoin — at least for right now.

Writing in a recent note to clients, Fundstrat technical strategist Robert Sluymer said that investors seeking to increase their bitcoin holdings should wait for the market to make a clear trend reversal.

“Investors should remain patient and wait for evidence of an improvement in ‘trend’ before increasing exposure,” wrote Sluymer in an excerpt of the note cited in MarketWatch. “A move above the September real and relative highs remains the key resistance/reversal level that will need to be exceeded to signal the early stages of a trend reversal.”

As CCN reported, the bitcoin price has seen record stability in recent days, with BTC’s daily trading range narrowing to levels not seen in more than 17 months and the coin’s price…

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