Crypto analyst and trader Tone Vays followed with his bullish prediction for Bitcoin, noting that the cryptocurrency will see a huge move in the coming days.
In a new video, the analyst pointed out in his recent youtube video that Bitcoin’s technical indicators are currently on a high range chart and are currently showing a negative trend.
As per the analyst, the weekly chart is not doing well because, along with the red star candle, the weekly moving candle is well below all three moving averages. He thinks this is bad because the currency is also below the 200-week moving average.
Next, Vays talks about the Momentum Reversal Indicator (MRI ) and use it as an indicator to understand changes in trading patterns.
While pointing to the daily chart, the strategist claims that the current pattern seen in Bitcoin is similar to May and June, with the currency dropping from $30,000 to below $20,000.
Also, analysts call this a “grey area of accumulation” as the consolidation that occurs at the bottom is where prices fall. According to Vays, we will likely see a consolidation phase again.
He then stated that Bitcoin would capitulate in the $15,000 area if it rebounded at $19,000.
At the time of publication, Bitcoin is changing hands at $20,409 after surging 2.94% over the past 24 hours.
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