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Crypto from Fundstrat

Global Risk Rally, Crypto Gains - Tom Lee, Fundstrat Global Advisors
  • BTC’s long-term uptrend intact – BTC’s long-term uptrend remains intact with key support at a broad band of support coinciding with the Q4 2018 trading range lows (~7K) and the 2015-2019 uptrend (~6.5K). Slide 3
  • However, 2H 2019 downtrends remain intact – Tactically, however, stating the obvious, most cryptocurrencies remain in downtrend channels that began in June 2019. Rebounds have repeatedly failed below resistance bands defined by prior trading range lows leaving most coins in stair step, corrective patterns with little evidence of reversing yet. Daily momentum indicators are flip-flopping near oversold levels but such behavior is a common technical characteristic of markets in downtrends rather than a precursor to a pending upside reversal. Slide 4


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