Cryptocurrencies
Crypto Index Flashes Buy Signal Just in Time for the Holidays
- Bloomberg Galaxy Crypto Index has risen 13% since last Tuesday
- Index in oversold territory, signaling potential bounce ahead
Photographer: SeongJoon Cho/Bloomberg
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Santa made his rounds early in the crypto world.
Based on the GTI Global Strength Indicator, the Bloomberg Galaxy Crypto Index triggered a new buy signal following a 13% gain since last Tuesday, the first in a month for the gauge, which measures upward and downward movements of successive closing prices. In addition, the index is in oversold territory -- typically seen as a contrarian signal -- and suggests it could be due for a bounce.