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Bottom Line: Use Recent Weakness to Accumulate Bitcoin, Fundstrat Technical Strategist

Bottom Line: Use Recent Weakness to Accumulate Bitcoin, Fundstrat Technical Strategist


Bottom Line: Use Recent Weakness to Accumulate Bitcoin, Fundstrat Technical Strategist

“Use pending pullbacks to continue accumulating Bitcoin in the second quarter in anticipation of a second-half rally through ~6,000 resistance…”

A quote by Bloomberg citing a Fundstrat technical strategist Robert Sluymer who advised investors to take a chance at the current recovery prices as the flagship cryptocurrency may attain new heights come H2 of 2019, further implies Bitcoin price trend is in recovery mode.

Sluymer had previously predicted the woes Bitcoin market would experience and then take a few months to repair itself. It appears his predictions may have come through as Bitcoin dipped from USD 5,500 as at the time of the prediction in November 2018, till early April this year when prices began to show moderate signs of recovery.

Should Sluymer’s new predictions about the market healing itself over the course of the second half of 2019 tally with recent insights about massive accumulations of Bitcoin, the long-awaited bull-run might just be over the horizon of the end of the first half of 2019.

In late March, Bitcoin accumulation was reportedly heating up as unspent transaction outputs (UTXO) for Bitcoin reached an all-time high – this was when it struggled in the USD 4,100 region. However, this alongside several speculative technical and fundamental indices surrounding Bitcoin strongly suggests a bull-run in 2019 is imminent.

Although Sluymer thinks it may be too soon to dismiss prices falling below the USD 5,000 support and head to new lows of USD 4,300 region; he, however, encourages traders and investors to remain focused on the bullish developing longer-term technical profile, further suggesting:

“Bottom line: use recent weakness to accumulate.”

Earlier today, Bitcoin gained the momentum it needed to push past the USD 5,500 resistance level – brushing USD 5,800 – marking its second 2019-high since November last year. It is currently trading at USD 5,779, at press time.

Overall, cryptocurrency fundamentals may have further been strengthened with Facebook’s move to reach out to financial firms to help “launch a cryptocurrency-based payments system on the back of its gigantic social network,” reports the Wall Street Journal. WSJ thinks the initiative, if successful may be the most mainstream application of cryptocurrency yet.

 

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