graph chart showing increase in Bitcoin’s price.

The WLPR, helps chart whether a security is oversold or overbought. Right now, it’s signalling that the world’s largest cryptocurrency may see a potential reversal of its current downward trajectory.

In a dismal year for Bitcoin, one technical gauge suggests investors may be in for a reprieve.

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The analysis captures ideal entry and exit levels for buying or selling an asset. Data chart show that Bitcoin breached the level -80 marker of the indicator this week, a threshold suggesting to traders it may be time to get in on the action.

The gauge has proven fairly accurate over the past year — for example, when it signalled in April that the cryptocurrency was overbought the day before Bitcoin fell 4 percent.

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Bitcoin has fallen almost 60 percent this year graph chart shows after nearly reaching $20,000 in December. On Friday it was trading just under $6,000.

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