Analyst Warns Investors “Should Remain Patient” as Bitcoin Drops to $6,550

  • Fundstrat analyst Robert Sluymer recently advised investors to wait for improvements in bitcoin's trend before increasing their exposure.
  • This as BTC has been locked within the $6,400 and $6,800 range for weeks.

Rob Sluymer, technical strategist at Fundstrat Global Advisors, has recently advised cryptocurrency investors to “remain patient” and wait for “evidence of an improvement” in bitcoin’s trend before increasing their positions.

As reported by MarketWatch, bitcoin has seen its volatility decline in the last few weeks, as it has been trading inside the $6,400 and $6,800 range. Taking this into account Sluymer advised investors to wait for improvements, adding:

A move above the September real and relative highs remains the key resistance/reversal level that will need to be exceeded to signal the early stages of a trend reversal.

Earlier this week the cryptocurrency market saw modest gains across the board, although most have now been lost. Cryptocurrency prices have seemingly been stagnating, despite various improvements. Recently, as CryptoGlobe covered, a new ‘mining monster’ was announced, and some believe it’ll help miners stay afloat.

According to CryptoCompare data bitcoin, the flagship cryptocurrency, is currently trading at $6,547 after falling 1.3% in the last 24-hour period. While it recently got over the $6,600 mark, in the last two weeks the cryptocurrency failed to break its current range.

Bitcoin's performance in the last two weeks

Sluymer, as covered, claimed in June of this year he believed bitcoin had found its bottom and could soon start recovering. At the time, the analyst pointed to the cryptocurrency’s 15-day moving average and relative strength index (RSI), which suggested BTC was oversold.

The ecosystem’s months-long bear market has led to a lot of speculation. While some analysts, like Fundstrat Global Advisors’ Tom Lee, believe bitcoin will still surge to new highs this year, others have claimed the industry is on the “brink of an implosion.”

While investors, per Sluymer, should be patient and wait for improvements, traders who know what they’re doing are seemingly still being profitable. Marc Howard, an analyst who developed a trading algorithm that employs Google Trends to measure market sentiment, has reportedly produced a 29% ROI trading BTC over the last 90 days.

Currently, most altcoins are also down. Ethereum’s ether, the second-largest cryptocurrency by market cap whose developer Vlad Zamfir recently published a blockchain governance vision, has lost 1.6% of its value in the last 24-hour period, and is currently trading at $224.5.

 The XRP token has fallen 2.9% to trade at $0.46, while litecoin dropped 2.3% to $57.5. Bitcoin cash (BCH) dropped 1.78% to $512. Other top altcoins that didn’t drop too hard include EOS, down 0.7% to $5.87, and NEO, down 1% to $18.1.