There are silver linings in the cryptocurrency cloud, analyst saysOctober 26, 2018
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, +0.02% 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.
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“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.
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 CashBCHUSD, -0.21%was unchanged at $437.00, LitecoinLTCUSD, +0.31%was up 0.4% at $51.97 and XRPXRPUSD, -0.52% 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 contractXBTX8, +0.08%was up 0.2% at $6,405, while the CME Group October contractBTCV8, -0.08%was trading 0.2% higher at $6,415.
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