It’s been a rough year for Bitcoin, but one technical indicator suggests that we may be in for another relief rally.
As noted by Bloomberg, the GTI VERA Convergence Divergence Indicator appears to be signaling a bullish trend reversal.
Never heard of the GTI VERA Convergence Divergence Indicator? We don’t blame you.
The core purpose of the GTI VERA Convergence Divergence tool is to indicate when trends are nearing or at the points of exhaustion, thus signaling it may be time to enter or exit a position. For example, when buying support appears to be waning, it might be time to get out. Likewise, when selling pressure is easing, it might be time to buy.
Behind the scenes, the GTI VERA Convergence Divergence Indicator utilizes the far more common MACD (Moving Average Convergence Divergence) indicator.
This is what the MACD looks like for the daily chart of BTCUSD on the Bitfinex exchange:
This is what the GTI VERA Convergence Divergence Indicator looks like, courtesy of Bloomberg:
In layman’s terms, the GTI VERA Convergence Divergence Indicator is currently suggesting that it may be time to buy Bitcoin.
Tread Carefully
However, Bitcoin is currently experiencing prolonged horizontal price action following a full retracement from the highs of its most recent failed rally. Generally speaking, horizontal consolidation provides something like a 50/50 chance that the price will go either up or down. It would be wise to exercise caution when considering entering a position here, as the market is prone to dramatic and manipulative swings in price. Proper research and trading practices — such as setting appropriate stop-losses — is always a good idea. What do you think about the GTI VERA Convergence Divergence Indicator? Do you think it is a useful tool for predicting trend exhaustion? Let us know your thoughts in the comments below! [Disclaimer: This article is not intended as financial advice. Investing in cryptocurrency is risky. Neither the author nor BeInCrypto is responsible for any financial gains or losses. Readers are urged to always do their own research and exercise extreme caution.]
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Advertorial is the universal author name for all the sponsored content provided by BeInCrypto partners. Therefore, these articles, created by third parties for promotional purposes, may not align with BeInCrypto views or opinion. Although we make efforts to verify the credibility of featured projects, these pieces are intended for advertising and should not be regarded as financial advice. Readers are encouraged to conduct independent research (DYOR) and exercise caution. Decisions based on...
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