Wall Street Starts to See Weakness Emerge in Bitcoin Charts
- Key level for largest cryptocurrency is around $60,000
- JPMorgan’s Panigirtzoglou watching flows into Bitcoin funds
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Bitcoin has yet to recover from its unexplained weekend swoon, and now the investing public is on edge about the notoriously volatile token’s next move. Enter the chart watchers.
Noting that “a chart is a chart is a chart,” Tallbacken Capital Advisors’s Michael Purves -- weighing in on crypto for virtually the first time -- sent a note Wednesday with a technical analysis of the coin’s trading patterns. Bitcoin’s recent highs weren’t confirmed by its relative strength index, among other things, and its upward momentum is fading, he said.