Fundstrat Global’s Robert Sluymer, an advisor at the company yesterday analyzed the cryptocurrency market by reading the charts which attribute the performance of these cryptocurrencies in the market on CNBC fast money.
Fundstrat Global is an independent research boutique, providing market strategy and sector research. Their differentiated approach is based on what they call fundamental strategy. A combination of both top-down strategy and bottoms-up fundamental views, to develop a roadmap of practical and useful investment insights for their global clients is the method of their research.
He lays emphasis on the use of technical tools to judge the cryptocurrency market and how it determines the course of the currencies over a period of time. He particularly talks about the top two currencies in the CoinMarketCap, i.e., Bitcoin and Ethereum.
The recent regulations and tax laws have affected the market a lot, making it drop by quite a bit. This trend is seen in both Bitcoin and Ethereum as both experiences a decline.
Ethereum despite its downfall will perform well in the market and it is safe to invest as of the past 24 hours Ethereum shows a positive surge of 3.26% and over the last 7 days, it has shown a volume percentage increase of 7.03%. The RSI does indicate it was overbought recently. Despite this, Robert Sluymer maintains his verdict that it is safe to invest in Ethereum.
Bitcoin, on the other hand, has seen a downfall since January and also fails to see a surge in the last 7 days. Its volume percentage has declined by 0.31% in the last 7 days but it does manage to surge in the last 24 hours by 1.54%. Robert then compares the market reading of Bitcoin with NASDAQ and states that even though many are speculating that Bitcoin will see the fate that NASDAQ experienced in 2005.
He argues that the key difference is that Bitcoin has a high amount of capital and NASDAQ’s pattern cannot be compared with Bitcoin’s pattern. He considers Bitcoin safe to invest and concludes with:
“We want to be buying at this point”
A Twitter user says:
“Ended with “we want to be buying”… YOU’RE DAMN RIGHT!”
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