(Bloomberg) -- While it's been a tough year already for the top two digital currencies, things may soon be looking up.
Conditions are forming for a rebound in Bitcoin and Ether, which have tanked this year amid mounting concern that they're in the midst of a deflating bubble, according to Rob Sluymer, a technical strategist at Fundstrat Global Advisors.
“It is premature to conclude a major low has developed for BTC, ETH and our FS CryptoFX indices, but we do see a technical case to support an oversold trading rally from current levels,” he wrote in a report Friday.
Bitcoin investors should see the reversal start at the 200-day moving average, which was at $7,780 when the report was written, Sluymer said. It's now at $6,224, according to Bloomberg data.
To contact the reporter on this story: Lily Katz in New York at lkatz31@bloomberg.net.
To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net, Jeremy Herron at jherron8@bloomberg.net, Dave Liedtka, Randall Jensen
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