{"id":314734,"date":"2019-05-03T10:49:13","date_gmt":"2019-05-03T08:49:13","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=314734"},"modified":"2019-05-03T10:49:13","modified_gmt":"2019-05-03T08:49:13","slug":"bitcoin-is-a-buy-says-strategist-who-called-late-2018-breakdown","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/314734\/bitcoin-is-a-buy-says-strategist-who-called-late-2018-breakdown\/","title":{"rendered":"Bitcoin is a buy, says strategist who called late-2018 breakdown"},"content":{"rendered":"
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Bitcoin is in the middle of a sustained recovery and investors should use recent weakness to buy more, according to Fundstrat technical strategist Robert Sluymer.<\/p>\n

\u201cUse pending pullbacks to continue accumulating Bitcoin in the second quarter in anticipation of a second-half rally through -6,000 resistance,\u201d Sluymer wrote in a note May 2. He sees Bitcoin\u2019s rebound from its 200-week moving average and breakout from its first-quarter trading range as \u201cthe early stage of a longer-term recovery developing.\u201d<\/p>\n

Sluymer warned in mid-November, when Bitcoin was trading around $5,500, that the asset had suffered \u201csignificant technical damage\u201d that could take months to repair. Over the next several weeks, Bitcoin slid as low as $3,136.04. In February, Sluymer cautioned that the technical position in the crypto space was still weak. Bitcoin didn\u2019t recover the $5,000 level until April 2.Fundstrat was an early mover in analyzing cryptocurrencies and developed their own indexes. And Sluymer\u2019s colleague, Fundstrat co-founder Tom Lee, is regarded as a Bitcoin bull. Lee started 2018 with a year-end price target of $25,000, before eventually abandoning time frames for his predictions in December when it was around the $3,000 to $4,000 range.<\/p>\n

Lee in March said he sees 2019 as a year the market can \u201c build better risk-reward.\u201d Bitcoin rose 0.9% to $5,456.44 as of 12:04 p.m. in Singapore.<\/p>\n

\u201cWhile it\u2019s premature to conclude Bitcoin will not retest support near $4,300, we would encourage traders and investors to remain focused on the bullish longer-term technical profile developing,\u201d Sluymer wrote. \u201cBottom line: use recent weakness to accumulate.\u201d<\/p>\n

\"\"<\/a><\/p>\n

\n

Read: Is Bitcoin making a comeback?<\/a><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is in the middle of a sustained recovery and investors should use recent weakness to buy more, according to Fundstrat technical strategist Robert Sluymer.<\/p>\n","protected":false},"author":59,"featured_media":289834,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[5537,26],"class_list":["post-314734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-bitcoin","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/314734","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=314734"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/314734\/revisions"}],"predecessor-version":[{"id":314752,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/314734\/revisions\/314752"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/289834"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=314734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=314734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=314734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}