A closely followed crypto analyst and trader, Tone Vays, has put forth his bullish predictions for Bitcoin, stating that the cryptocurrency will see a huge move in the coming days.
In a new video, the analyst in his recent youtube video that Bitcoin’s technical indicators are currently on a high interval chart and are currently indicating a negative trend.
As per the analyst, the weekly chart is not on a good run as, along with the red star candle, the weekly moving candle is completely under all three moving averages. He feels this is bad because the currency is below the 200-weekly moving average too.
Next, Vays talks about the momentum reversal indicator (MRI) and uses this as an indicator to understand the changes that are seen in the trading pattern.
While pointing toward the daily chart, the strategist claims that the present pattern that is seen in Bitcoin is similar to that of May and June, where the currency witnessed a fall from $30,000 to below $20,000.
Furthermore, the analyst calls this a “gray zone of accumulation” because the consolidation that occurs at the bottom level is where the price declines. As per Vays, we are likely to see a consolidation phase once again.
Then, he states that if there is a bounce at $src9,000, Bitcoin will see a capitulation at the $src5,000 area.
At the time of publication, Bitcoin is changing hands at $20,409 after a surge of 2.94% over the last 24hrs.
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Delma Wilson Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks.
She likes pets and shares her free time with NGO.
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