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Enter the chart watchers. 07:16
Image: Andrey Rudakov/Bloomberg
Bitcoin has yet to recover from its unexplained weekend swoon, and now the investing public is on edge about the notoriously volatile tokenâs next move. Enter the chart watchers.
Noting that âa chart is a chart is a chart,â Tallbacken Capital Advisorsâs Michael Purves weighing in on crypto for virtually the first time sent a note Wednesday with a technical analysis of the coinâs trading patterns. Bitcoinâs recent highs werenât confirmed by its relative strength index, among other things, and its upward momentum is fading, he said.
New York: Bitcoin has yet to recover from its unexplained weekend swoon, and now the investing public is on edge about the notoriously volatile token s next move. Enter the chart watchers.
Noting that a chart is a chart is a chart, Tallbacken Capital Advisors s Michael Purves - weighing in on crypto for virtually the first time - sent a note Wednesday with a technical analysis of the coin s trading patterns. Bitcoin s recent highs weren t confirmed by its relative strength index, among other things, and its upward momentum is fading, he said. From purely a technical perspective, the bullish case looks highly challenged here in the near term, after its recent rally, wrote Purves, chief executive officer at the firm.
The last few times Nikolaos Panigirtzoglou witnessed such negative price action in Bitcoin, buyers returned in time to prevent deeper slumps. This time, the JPMorgan Chase & Co. strategist is worried.
If the largest cryptocurrency isn’t able to break back above $60,000 soon, momentum signals will collapse, strategists led by Panigirtzoglou wrote in a note Tuesday. It’s likely traders including Commodity Trading Advisers (CTAs) and crypto funds were at least partly behind the buildup of long Bitcoin futures in recent weeks, as well as the unwind in past days, they said.
“Over the past few days Bitcoin futures markets experienced a steep liquidation in a similar fashion to the middle of last February, middle of last January or the end of last November,” the strategists said. “Momentum signals will naturally decay from here for several months, given their still elevated level.”