A closely followed crypto analyst and trader, Tone Vays, has help with his bullish predictions for Bitcoin, stating that the cryptocurrency will dsicover a huge move around in the coming days.
In a fresh video, the analyst in his recent youtube video that Bitcoins technical indicators are on a higher interval chart and so are currently indicating a poor trend.
According to the analyst, the weekly chart isn’t on an excellent run as, together with the red star candle, the weekly moving candle is totally under all three moving averages. He feels that is bad as the currency is below the 200-weekly moving average too.
Next, Vays discusses the momentum reversal indicator (MRI) and uses this being an indicator to comprehend the changes which are observed in the trading pattern.
While pointing toward the daily chart, the strategist claims that today’s pattern that’s observed in Bitcoin is comparable to that of May and June, where in fact the currency witnessed a fall from $30,000 to below $20,000.
Furthermore, the analyst calls this a gray zone of accumulation as the consolidation occurring in the bottom level is where in fact the price declines. According to Vays, we have been likely to visit a consolidation phase once more.
Then, he states that when there exists a bounce at $19,000, Bitcoin will dsicover a capitulation at the $15,000 area.
During publication, Bitcoin is changing hands at $20,409 following a surge of 2.94% during the last 24hrs.