Veteran Analyst Tone Gives Bitcoin Alert to Traders, Says Conditions Prepare for a Market Move
Seasoned trader Tone Vays is informing Bitcoin (BTC) traders, warning that the crypto king may be preparing for a big move.
In a new strategy session, Vays told his 122,000 YouTube subscribers that technical indicators on a high time frame chart are showing bearish signals for BTC.
“The weekly chart looks really bad… Not only do we have a bad red star candle according to the MRI, we also have a full weekly candle below all three moving averages. That sucks, too, especially given the fact that we're below the 200-week moving average. “
Vays relies on the momentum reversal indicator (MRI) to spot possible changes in trend or trend continuation.
Looking at the daily chart, Vays says that BTC's current market structure is reminiscent of Bitcoin price action between May and June of this year when the crypto king fell from $30,000 to under 20,000. dollars.
“We are in this gray accumulation zone, and this is not good. You know that bottom consolidation creates an environment where prices are falling. You've seen this happen from May to June , and then we have a major disaster. Now, we're back in the same area, merging again.
If we start up from $19,000, there could certainly be investment down to the $15,000 area. ”
At the time of writing, Bitcoin is changing hands at $20,223, up nearly 3% on the day but still below its 200-week moving average.
Aug 30, 2022