In an interview with CNBC’s ‘Off the Charts’, Robert Sluymer, one of Fundstrat’s Global Advisors, predicted a positive breakout for Bitcoin [BTC]. The prediction was made through technical analysis of the long-term Bitcoin market.
He stated that the long-term trend was up, characterized by a series of higher lows. The prices are at critical levels for BTC. The 9500 limit was deemed as a key and critical limit for the price.
“Long-term trend is up. If we define a trend by a series of higher lows, with higher lows all the way through.”
In the short term, the 15 Day Moving Average serves as a good proxy for the general trend. He also stated that the trend was ripe for a breakout as it has already demonstrated the first phase.
Sluymer said that the trend has already exhibited the bottoming-out phase as evidenced by the sideways movement for the past 15 days. The next phase involves reversing the current up or down trend before gaining a positive trend.
He also stated that the price is challenging the current downtrend and the setup is ready for a breakout. He pointed out that the 15 DMA served as a good proxy for the trend in April.
The $7530 and the $7500 limits must hold, as they are crucial limits for the next move into the uptrend.
A crypto enthusiast said:
“This makes me chuckle there is always someone saying breakout soon. Know one really does no it’s just sooner or later someone will time it right.”
Another Twitter comment read:
“We have been heading this way for a while. Let’s see what the markets do today. Interesting times!”
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