There are silver linings in the cryptocurrency cloud, analyst says


Major digital coins traded largely unchanged Friday, continuing a run of subdued volatility that some traders undoubtedly find eerie.

In Friday trading a single bitcoin

BTCUSD, +0.03%

was trading at $6,452.68, up 0.3% since Thursday at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange. For the week, bitcoin has traded between $6,403 and $6,498.

While advocates argue the falling volatility could be a precursor to a move higher, Rob Sluymer of Fundstrat Global Advisors isn’t ready postulate a bull market is around the corner. “While it is still premature to conclude a major upside trend reversal is broadly under way, each week we have highlighted an incremental ‘Silver Lining’ developing within the crypto universe,” he wrote.

“We continue to view the decline in volatility, lower volumes and positive divergences between many Alts [altcoins] and larger caps, notably [ether and Bitcoin] as encouraging technical developments,” he said. Sluymer, who specializes in technical analysis, said a break of the September highs remained necessary to confirm a reversal may be under way.

Read: Opinion: What can help Americans regain the trust of Wall Street? Blockchain

Much like bitcoin, smaller digital currencies, or altcoins, are off to a slow start Friday. Ether,

ETHUSD, +0.60%

had gained 0.8% at $201.41, Bitcoin Cash

BCHUSD, -0.21%

was unchanged at $437.00, Litecoin

LTCUSD, +0.31%

was up 0.4% at $51.97 and XRP

XRPUSD, -0.48%

was down 0.2% at 46 cents.

After finishing Thursday in the red, bitcoin futures are clawing back some losses in early Friday trading. The Cboe Global Markets November contract

XBTX8, +0.08%

was up 0.2% at $6,405, while the CME Group October contract

BTCV8, +0.00%

was trading 0.2% higher at $6,415.

Read: What’s more volatile than bitcoin? You may be surprised

Providing critical information for the U.S. trading day. Subscribe to MarketWatch’s free Need to Know newsletter. Sign up here.

Article Source


Please enter your comment!
Please enter your name here