Home Bitcoin News Now's not the time to increase your bitcoin exposure, analyst says

Now's not the time to increase your bitcoin exposure, analyst says

3 min read

It’s groundhog day for digital currencies as most major coins begin Tuesday at or near recent levels.


BTCUSD, -0.52%

the world’s largest digital currency with a market cap or more than $100 billion, is trading at $6,598.85, down 0.6% since Monday at 5 p.m. Eastern Time on the Kraken exchange. This after the No. 1 digital currency added 1% Monday.

As volatility continues to plummet, one analyst said investors should stay on the sidelines and wait for confirmation before making their next bet. “Investors should remain patient and wait for evidence of an improvement in ‘trend’ before increasing exposure,” said Rob Sluymer, technical strategist at Fundstrat Global Advisors, in a recent research note.

“A move above the September real and relative highs remains the key resistance/reversal level that will need to be exceeded to signal the early stages of a trend reversal.”

The decline in volatility has seen bitcoin spend the majority of the previous four weeks trading inside the $6,400 to $6,800 range.

BTC/USD (1-month)

Read: This is where cryptocurrencies are actually making a difference in the world

Things are much the same in the altcoin market, the market that consists of smaller coins other than bitcoin. After modest gains Monday, altcoins have returned those wins and trading near Monday’s opening levels.

In Tuesday trading, Ether was down 1.4% at $225.99, Bitcoin Cash

BCHUSD, -2.25%

 was down 2.3% to $517.20, Litecoin

LTCUSD, -1.70%

 had lost 1.4% at $58.50 and the coin that runs on the Ripple protocol, XRP

XRPUSD, -3.12%

was at 48 cents, down 3.1%.

Bitcoin futures have slipped lower to begin Tuesday. The Cboe Global Markets October contract

XBTV8, -0.53%

was down 0.6% at $6,585 and the comparable CME Group October contract

BTCV8, -0.68%

 was down 0.8% at $6,575.

Read: Investors think cryptocurrency prices would rise in a recession, Fundstrat survey finds

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