Technical Analysis From Fundstrat Global Advisors Shows Most Cryptos Due For Fresh Gains

Technical Analysis From Fundstrat Global Advisors Shows Most Cryptos Due For Fresh Gains

Fundstrat Global Advisors is one of the leading research company in the crypto ecosystems, and certainly one of the most reputable ones. Their analysts recently did a study that conquers that cryptos are due for a fresh bull run, especially Bitcoin and Litecoin.

In a recent research note, Rob Sluymer, a technical strategist at Fundstrat wrote:

“The coming 1-2 weeks could prove to be a near-term pivotal point for many cryptocurrencies. The majority of cryptocurrencies have remained in narrow consolidations for weeks BUT many are testing important technical trading levels that, if breached, are likely to trigger a dramatic response by traders.”

The large-cap, midcap and small-cap indexes that the firm tracks are all pushing resistance, and a move above the index highs in September could be the catalyst for a run higher. He sites the data from relative-strength-index, which shows that momentum has turned upward from neutral.

He expects Bitcoin will lead the next bull run, once it breaks the current resistance between $8,000 and $9,000. While commenting on Litecoin incredible performance this week, the analyst said that LTC has “just rallied through resistance near 121 and is approaching next resistance at 145.” Notably, the price of litecoin has shot up in excess of 350% so far this year and it is believed that it could be on its way to $150.

Sluymer maintains a very high reputation in the crypto community, especially for predicting the bitcoin crash of late 2018 when it was trading at a price of around $5,500. He was on point again with his next prediction at the beginning of last month in which he said that bitcoin price is all set to take off thanks to bullish long-term technical trends.

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