Bitcoin Poised For Breakout, Says Rob Sluymer

Affiliate CMT Association member Rob Sluymer, a technical strategist at Fundstrat, was featured in MarketWatch late Thursday with an optimistic perspective on cryptocurrency trends.

“The coming 1-2 weeks could prove to be a near-term pivotal point for many cryptocurrencies,” Sluymer wrote in a recent research note, according to the report. “The majority of cryptocurrencies have remained in narrow consolidations for weeks BUT many are testing important technical trading levels that, if breached, [are] likely to trigger a dramatic response by traders.”

"Sluymer noted that the large-cap, midcap and small-cap indexes that the firm tracks are all pushing resistance, and a move above the index highs in September could be the catalyst for a run higher," said Aaron Hankin, MarketWatch reporter.

The chart above describes this resistance, another indicator that the cryptocurrency may be poised for near-term gains.

Read the full story, including perspectives on altcoin, here: ‘It’s only a matter of time’ until bitcoin breaks out, analyst says