While U.S. lawmakers zero in on Facebook Inc.’s ambitious plan to upend the global financial system via its cryptocurrency project, technical indicators are flashing major warning signals when it comes to the price of digital assets.
Based on the GTI VERA convergence-divergence indicator, the Bloomberg Galaxy Crypto Index -- which tracks some of the largest digital assets and is comprised 30% of Bitcoin -- received its first sell signal since early June. The indicator detects positive and negative trends, and the last time it flashed a warning sign on June 4, the index fell about 10% in one trading session.
