Technical Indicator Shows Imminent Bitcoin Bull Run as Selloff to End Soon
Technical Indicator Shows Bitcoin Selloff Will Soon Come to An End
Bloomberg has recently revealed that Bitcoin traders will no longer need to doubt BTC prices, as the supposed selloff period will soon halt. In particular, a technical signal, also referred to as the GTI VERA Convergence Divergence Indicator showed that the last quarter of 2018 will be Bitcoin’s time!
Many trust projections made using the GTI VERA Convergence Divergence Indicator, as the technical signal was successful in correctly pointing out specific trends. According to Ethereum World News, the last time a projection was made using the indicator, BTC’s price recovered nearly 40 per cent of its drop.
So, what is the GTI VERA Convergence Divergence Indicator? The said indicator has the ability to notice “trend reversal and exhaustion”. It supposedly uses the moving average convergence divergence (MACD). In order to eliminate existing noise that might hinder proper forecast, the VERA is used, which is also referred to as the volatility explosion relatively adjusted theory.
Ethereum World News also noted that the GTI VERA Convergence Divergence isn’t the only indicator to present such findings, as others including the likes of the Williams Percentage R and the Divergence Analysis (DVAN) Buying and Selling Pressure Indicators have figured out points in which Bitcoin was overvalued. The former takes into consideration the current closing price against the high and low of a preferred number of days.
This finding could mean big news for the giant, as the BTC price fell from its all-time high of nearly of USD$19,783.06 in December 2017. As per CoinMarketCap, BTC’s current price is USD$6,482. Given that the GTI VERA Convergence Divergence Indicator is once again accurate in detecting a trend reversal, then BTC could potentially see its price sitting at about USD$9,000.
Will BTC overcome its downward trends? Can we hope for a price of USD$9,000 by year end? Share why or why not in the comments below.