Thomas Lee, the eminent Bitcoin longhorn and the Head of Research at Fundstrat Global Advisors, has come out to state that most technical analysts are switching their Bitcoin [BTC] predictions for 2019 from bearish to bullish.
Following the Feb 8 uptrend, which saw the altogether marketplace tip supplement a whopping $9 billion in reduction than 24-hours and saw coins strech large double-digit percent increases opposite the US dollar, proponents are hopeful, and Tom Lee backs this wish with numbers.
Lee seemed on Fox Business to echo his bullish view for the silver and then took to Twitter to state the same. He referenced a square from a “MagicPoopCannon,” titled, “Odds Increasing That The Bitcoin bear is Dead!” and combined that the analysts who were bearish on cryptocurrencies in 2019 are switching to the bull. He combined that the square looks at a 200-week relocating normal behaving as the support, which people like Robert Sluymer, the Managing Director and Technical Strategist at Fundstrat, have conspicuous as well.
In his analysis, MagicPoopCannon compared the Bitcoin cost charts from early-2015 to the stream period. He settled that there is a triangle shaped using the 200 MA and that Bitcoin has, “rallied back into the triangle arrangement that it pennyless down from”. He combined that if the silver could tighten the daily cost candlestick inside the triangle, that would paint 2015-like conditions and infer to be a bullish swing.
MagicPoopCannon had progressing reliable that Bitcoin would bottom at $2,000 and that the Feb 8 bullish pull could infer a clever technical box for the tip cryptocurrency. Bitcoin surged from being just underneath $3,400 at the start of the trade day on Feb 8 to a high of almost $3,700 at the tighten of the day, a conspicuous arise following weeks of bearish movement.
He also drew several parallels between LTC’s new rise, which saw the silver swell by over 30 percent, and that of Bitcoin’s, he combined that “as shortly as LTC began to move, we figured BTC would follow suit”. The researcher believes that if Bitcoin can pull above the 50 EMA marketplace and serve to the tip of the downtrend channel, then:
“In my opinion, that would fundamentally endorse that the bear marketplace has ended.”
The support is pegged at the 200-week EMA, which as stream cost movements go, stands at $3,300 and if Bitcoin would corner next this point, thereby unwell to end outward the triangle, the trend would reverse.
As the cryptocurrency markets incited for the better on Feb 8, Tom Lee listed out 9 incremental improvements in the landscape that will pull cryptocurrency prices upwards. In it, he combined that the value of the US Dollar is approaching to fall, institutional investors will see institutional class control solutions and tip exchanges like Binance will supplement credit-cards to their offerings. All this and more, according to Tom Lee and his group at Fundstrat, will pull Bitcoin and other cryptocurrencies upwards in 2019.
Some Twitter users were not very hopeful, notwithstanding Lee’s prediction. Carlin Lee tweeted:
“Rattling around in a downward trend channel is bullish? we think not.”
Tim Les, tweeted:
“it doesn’t matter if you’re bullish if there are no buyers.”
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