Cryptocurrencies
Bitcoin Technicals Suggest Monster Rally Went Too Far, Too Fast
- GTI Vera Band Indicator signals Bitcoin could be in an uptrend
- Similar recent moves had led to a mean reversion in price
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Bitcoin’s trading around $9,000 once again but technical indicators show it may have gone up too far, too fast.
Based on the GTI Vera Band Indicator, which tracks upward and downward trends, Bitcoin’s last price is far above the upper-band limit, signaling the coin is in an positive trend. However, similar instances in the past -- including twice so far this month -- have led to a mean reversion, which could push the coin back to the $8,500 level.