Fundstrat’s Robert Sluymer Says Crypto Market Technicals Suggest Buying

Robert Sluymer of Fundstrat Global Advisors gave his technical analysis of 2018’s cryptocurrency markets, with particular focus on Ethereum (ETH) and Bitcoin (BTC), on CNBC Tuesday, May 1.Sluymer drew a parallel between the significant impact of uncertainties surrounding regulation and taxation on trading prices in January 2018 - which saw ETH plummeting from $1,000 to $350 - and today’s situation.Commenting on the markets’ response to this week’s reports of an ongoing SEC probe into ETH, Slyumer came out positive. He showed that ETH has been rallying back into the $700 range, and is seeing a lot of resistance around its 200-moving-day average.He further pointed out that one of the momentum indicators (Relative Strength Index) shows that the coin was in fact “pretty overbought,” before the recent correction.Slyumer generalized this positive trend to “most cryptocurrencies.” Bitcoin (BTC), he said, is seeing “a tremendous amount of support” between $8200-8400. He explained:“[BTC] is…

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