Last Time This Signal Flashed, Crypto Rallied By 50%. It’s Back Again
According to a Bloomberg report published April 3rd, Bitcoin recently pushed above a key technical resistance, allowing the DVAN Buying and Selling Pressure Gauge to print a “positive divergence and a buy signal.” To add to this, Bloomberg noted earlier this week that the “GTI Vera Convergence Divergence Indicator, which measures up and down shifts,” suggests the Bloomberg Galaxy Crypto Index — comprised of Bitcoin, Ethereum, Litecoin, Bitcoin Cash, XRP, and EOS — “flashed its first buy signal in over three months.”.
Both indicators flashing buy signals preceded the 50% rally seen in the price of Bitcoin and most other cryptocurrencies that transpired from mid-December to February. The model suggests that the fair value of Bitcoin will shoot over 1,000% higher after the event, as PlanB found that BTC’s value is derivative of its own level of scarcity.
