In case you’re looking for some positive signs for the bitcoin price to jump again and retract from the sad state of affairs it’s currently into, then this technical analysis will give you hope.
Divergence Analysis Inc.’s (DVAN) Buying and Selling Pressure Indicator now shows that there are good times lying ahead of the Bitcoin after the currency lost more than half its value this year. The DVAN indicator is a proprietary analysis which charts the coin’s current price, trend line and ideal exit points which now strongly indicate that the selling trend that began May 14 could end shortly, giving way to a potential bull run.
Historically, data show that when the stop and trend lines cross, the price of Bitcoin may see a reverse in trajectory. The last time these lines met on April 13, the price of the coin surged almost 22 percent to more than $9,600 on May 4 from $7,903.
On Friday, the trend line crossed the exit point again, and the cryptocurrency rose almost 2 percent to $6,693 as of 2:25 p.m. in New York on Monday.
Also Read:- Bitcoin Price Predcitions For 2018
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