Fundstrate Analyst Robert Sluymer: Bitcoin Shuan Beating Low and Start to Rise
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Robert Sluyme According to R Bitcoin eventually hit the bottom. Sluymer, chief technical strategist at Fundstrat, thinks number one crypto currency will rise soon and return to his old days. The famous crypto analyst pointed out the tensions in international trade and the developments in Italy, and stated that they are preparing the environment for the rebirth of Bitcoin which will take place very soon.
News we share with you yesterday Fundstrat In CFO Thomas Lee talked with Business Insider that Italy and the global economy seem to be experiencing an increase in Bitcoin as long as the economies of the world are living.
$ 7,000 Bitcoin's Bottom Level
Sluymer, who is connected to CNBC by phone, set the price level at $ 7,000 as Bitcoin's bottom price.
"When we stop and think, we can see that the first phase is starting to happen.
According to Sluymer, Bitcoin has suffered many declines in 2018, but it has hardly fallen below $ 7,000. The only exception was at the beginning of February 2018 BTC prices fell below $ 6,000, the lowest level since the levels in November 2017 . Towards the end of May, BTC prices have fallen to the level of $ 7,054 but have not fallen below the 7,000 limit. Sluymer thinks this is a positive development for Bitcoin.
"This is definitely the first step in the basic preparation process - for some kind of consolidation or empowerment."
If Bitcoin really found a stable base price then the other step would be a price increase . BTC prices reached record levels of 19.500 dollars in December of December 2017 . However, 2018 has been and remains a very difficult year for the whole crypto money market, not only for Bitcoin.
Sluymer, Relative Power Markets like the Index (RSI) have signaled that BTC is gaining momentum for a price increase. Looking at the graph below, we can see that the RSI of Bitcoin is currently 40 . It usually refers to the 30 and above RSI ' oversold ' (Over-sold) status. As a result, Sluymer thinks that the time we are in is the ideal time to make an extra position in BTC: "We think that the middle frit as a Fundstrat is very attractive. If you want to go to open position you have to be very careful and reduce your open position as much as possible. According to Sluymer, the threshold level that Bicoin has to cover is $ 7,800. Since May 23rd, BTC has not reached the level of 7.800. Sluymer is convinced that all the indicators point at this point at least for a short time: "The next thing that needs to happen is that Bitcoin starts to win and rise to this declining trend and we use our 15-day moving average. The incident is very simple, but still very effective in many markets. Fundstrat analyst Tom Lee made a lot of assumptions about BTC and predicted that until the middle of the year by Bitcoin predicted that he would have to overcome the 15 day moving average at the level of $ 7,800. until the end of 2018 it would be $ 25,000. The Post Fundstrat Analyst Robert Sluymer: Bitcoin Shuan to Hit the Rock and Start to Rise on first on Koin Bulletin. Steemit: @engindagli Market Indicators Show Other Price Barriers at $ 7,800
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