Bitcoin indicator flashes a sell signal as slump accelerates

New York: As euphoria over cryptocurrencies deflates in the wake of Bitcoin’s biggest monthly surge in almost two years, technical indicators are showing there could be more pain ahead.

The GTI Vera Convergence-Divergence indicator, which detects positive and negative trends, flashed a sell signal for the first time since April, suggesting there could be further downside as Bitcoin halts its recent monster rally.

“The market is in an identity crisis, trying to find a place to stabilize,” said Jake Stolarski, senior trader at Greenwich, Connecticut-based Cipher Technologies. “The key technical levels have been creating market volatility, for sure, due to sudden shifts in sentiment.”