It’s been revealed that crypto trader Tone Vays said that he’s identified the next crucial testing level for top crypto Bitcoin (BTC).
In a new strategy session, Vays said that he expects BTC to face its “ultimate” test sometime in late December or early January.
“If the price of Bitcoin is sitting in [the $50,000 range] and it comes back down to $48,000 over the course of the next four or five days, that could be a good enough consolidation to then bounce right into [its] death cross…”
He also said:
“I do expect the moving averages to cross sometime in very late December to early January, and that’s going to be the ultimate test for Bitcoin’s resistance.”
As the online publication the Daily Hodl notes, yhough no official timeframes are set, an asset’s death cross “forms when its short-term moving average dips below its long-term moving average, which is traditionally a bear signal.”
Vays said that BTC’s death cross could happen somewhere in the $52,000 to $54,000 range.
He also said that Bitcoin is forming a double top pattern, which to him is a sign of bullish momentum.
“The four-hour chart appears to have broken the MRI (momentum reversal indicator) resistance line, but it perfectly hit an MRI top on a four-hour [chart] just like it hit it [hours ago]. Look what happened after – the top has not yet been broken on an intra-candle level…”
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $50,403.
Coinbase praises Bitcoin
It’s been just revealed that Coinbase praised Bitcoin and said that there’s nothing that can compete with it. In a new blog post, the crypto exchange explained that Bitcoin is standing alone as a digital version of gold and other blockchains have gravitated towards becoming platforms for Dapps.
It’s also important to note the fact that the crypto exchange aims to refute some of the common criticisms against the king crypto.
“Proponents believe Bitcoin is in competition with Web 3.0 cryptos. It’s not. It is trying to be one thing above all else: digital gold.”
Stay tuned for more news.