Sources report that Fundstrat Global Adviser, Robert Sluymer gave his technical analysis on prices of major cryptocurrencies. According to him, the crypto universe may be in for even more pain.
Crypto To Feel More Heat
Although the value of Bitcoin is still at risk of falling below $3000, the insights by Mr. Sluymer indicates that ‘smaller coins are more at risk. Bloomberg reported on Wednesday, Sluymer said in a note;
“The price structure for most cryptocurrencies remains weak and appears vulnerable to a pending breakdown to lower lows,”
Moreover, the Fundstrat’s advance/decline indicator points at the new risk for battered cryptocurrencies. Such an indicator specifically analyzes the market performance of small-cap cryptocurrencies – as such, report states;
250small cap cryptocurrency is at risk of breaking to new lows.”
Slumyer isn’t adding insights on Bitcoin over the specific time frame. Moreover, he targets $3100 as the core to watch Bitcoin price to kick start the new beginning.
“A break below the fourth-quarter lows at $3,100 would imply a decline to $2,270, while a move above $4,200 is needed to signal Bitcoin is beginning to improve,”
The bitcoin price on Thursday (i.e Feb 07, 2019) depreciated with 0.04 percent on the back of US dollar in past 24hrs. With Bitcoin, the second largest cryptocurrency, XRP is also declined with 0.32 percent and is managed to trade with an average market cap $12,004,032,837. On top of all that, Bitcoin is already struggling with a decline of 80 percent since the peak of $20000 back in Dec 2017.
Do you agree with Robert Sluymer’s opinion on Bitcoin and small cap cryptocurrencies? share your opinion with us.
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