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Bitcoin's Break Below $9,000 Risks Erasing Xi-Inspired Rally

From bnnbloomberg.ca

Bitcoin’s push back below $9,000 has a key technical indicator suggesting the cryptocurrency risks entering a selling trend. The GTI Vera Convergence Divergence Indicator shows a narrowing gap between the signal and vera lines, which suggests a trend change may be on the horizon. If this occurs, the largest digital currency could retest the lows seen before its rampant run following comments by China’s President Xi Jinping in October. Bitcoin rallied after Xi said that China plans to increase investment to “keep our country at the very forefront” of blockchain technology in the search for industrial advantages. ... (full story)

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  • Category: Fundamental Analysis