Robert Sluymer, Managing Director and Technical Strategist for Fundstrat Global Advisors, tracks the price of Bitcoin and other cryptocurrencies. It uses a three-phase method to track market trends. This technique allows him to track the performance of Bitcoin against other cryptocurrencies, in order to update the Fundstrat Crypto FX10 and FX tokens.
Bitcoin was able to reverse its downward trend in April, peaking in early May. But for a month, the trend is down again. Robert Sluymer thinks then that "he was ready to declare the end of the recovery, this week saw the birth of a technical advance, indicating that the first phase of the three-step fall process is developing. The indicators of dynamism of the short-term currency are beginning to fall too. "
He considers this to be the first phase, as the indicators of dynamism begin to decelerate or even fall. This is the second derivative of the growth rate used by many investors to determine whether an asset is nearing its lowest point.
The y axis of the graph below is linear. It shows the downward trend of Bitcoin since it reached the symbolic threshold of $ 20,000 last December, until early April when the course reached $ 6,500. The trend then reversed in mid-April, reaching $ 9,500. However, it went back down again in May, and is currently around $ 7,700.
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Bitcoin: Its Future According to Fundstrat
Forbes
Forbes 4 June 2018
Bitcoin
What future for Bitcoin according to Fundstrat? | Getty Images
Robert Sluymer, Managing Director and Technical Strategist for Fundstrat Global Advisors, tracks the price of Bitcoin and other cryptocurrencies. It uses a three-phase method to track market trends. This technique allows him to track the performance of Bitcoin against other cryptocurrencies, in order to update the Fundstrat Crypto FX10 and FX tokens.
Bitcoin was able to reverse its downward trend in April, peaking in early May. But for a month, the trend is down again. Robert Sluymer thinks then that "he was ready to declare the end of the recovery, this week saw the birth of a technical advance, indicating that the first phase of the three-step fall process is developing. The indicators of dynamism of the short-term currency are beginning to fall too. "
He considers this to be the first phase, as the indicators of dynamism begin to decelerate or even fall. This is the second derivative of the growth rate used by many investors to determine whether an asset is nearing its lowest point.
The y axis of the graph below is linear. It shows the downward trend of Bitcoin since it reached the symbolic threshold of $ 20,000 last December, until early April when the course reached $ 6,500. The trend then reversed in mid-April, reaching $ 9,500. However, it went back down again in May, and is currently around $ 7,700.
Bitcoin
Bitcoin course on a linear scale | StockCharts.com
On the second graph, the y-axis is based on a logarithmic scale. It shows mostly the same downward trend, although it is less impressive than on the previous chart. At the top of the two graphs, we can see that the RSI (Relative Strength Index) of Bitcoin, is oversold. While the RSI of 36.78 is not as low as the previous two, it remains very low, and this indicates that Bitcoin could be subject to a short-term rebound, at least.
Robert Sluymer thinks that many tokens are starting to grow in the face of Bitcoin. Among the ten most important tokens, he believes that the EOS and the TRX, or the TRON show solid performance against Bitcoin. And concerning the forty most important virtual currencies, he thinks that the GNT or the Golem, the MIOTA or the IOTA, the ZRX or the ox and the WTC or Waltonchain, could gain importance against Bitcoin in the future.
