Bitcoin Indicator Shows Warning – BTC To See Major Pullback?
Bitcoin seems to have found support above $9,300 since yesterday. The most important coin in the market continues to trade in the green, and the price is getting closer to $9,400 at the moment of writing this article.
BTC indicator flashes and hints at a warning
On the other hand, the online publication the Daily Hodl mentions a BTC indicator that foresaw the fall of BTC last year, and it’s now flashing again.
This is the GTI Vera Band Indictor, which is “monitoring up and down trends in order to identify price patterns is suggesting that BTC’s bullish start to the new year is due for a correction,” according to the latest reports from Bloomberg.
Bitcoin’s trading around $9,000 once again but technical indicators show it may have gone up too far, too fast https://t.co/HHVy2fBvNo
— Bloomberg Crypto (@crypto) January 28, 2020
The online publication mentioned above reported that the same indicator signaled trouble ahead back on July 31st. This was just before BTC began a “31.8% drop from $9,766 to a low of $6,659 on December 18th.”
The indicator has already flashed twice this month, right before BTC saw some minor pullbacks.
Josh Rager feels bullish these days
Not everyone agrees that we might be seeing a pullback soon.
For instance, analyst Josh Rager is feeling bullish these days. He did say that the most important coin in the market can retreat; he is not really worried about a significant pullback unless the coin drops below $8,000.
How long you bears going to stay bearish?
The downtrend is clearly broken on high time frame and if Bitcoin closes above $9557, that's a higher-high
Sure, BTC could pullback but stop with the $5k calls until price breaks at least below $8k (if it even gets there again) pic.twitter.com/MHLuSQih6M
— Josh Rager 📈 (@Josh_Rager) January 28, 2020
Rager sparked a debate in the comments section with his tweet.
Someone said: “Daily bullish, but weekly still bearish! Until we close above 9.5k, opening shorts is the right trade. I’m long spot btw I dont trade and I’m focused on long term swings. If we close above 9.5k its good if we get rejected and we go under 8.8k and we close there I’m out.”
Rager responded and said: “As I mentioned, pullbacks should be expected, I’m fine with shorting, trading the range short term. But these doom and gloom calls get old, clearly, Bitcoin broke the downtrend. For now, trading the range is fine.”
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Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.