Get Ready for the Bitcoin Recovery. Technicians Point to Rebound

From
Bitcoin: What’s Coming in the Year Ahead

While it’s been a tough year already for the top two digital currencies, things may soon be looking up.

Conditions are forming for a rebound in Bitcoin and Ether, which have tanked this year amid mounting concern that they’re in the midst of a deflating bubble, according to Rob Sluymer, a technical strategist at Fundstrat Global Advisors.

“It is premature to conclude a major low has developed for BTC, ETH and our FS CryptoFX indices, but we do see a technical case to support an oversold trading rally from current levels,” he wrote in a report Friday.

Bitcoin investors should see the reversal start at the 200-day moving average, which was at $7,780 when the report was written, Sluymer said. It’s now at $6,224, according to Bloomberg data.

For more on cryptocurrencies, check out the Decrypted podcast:

    Before it's here, it's on the Bloomberg Terminal.
    LEARN MORE