Bitcoin Is Consolidating – Potential Bullish Signs

Today, the crypto market looks mixed with some coins trading in the green, and others in the red.

The digital assets have been struggling to recover after some significant drops in price from the past month.

But, despite the huge price volatility in the market, there have been a lot of optimistic predictions about the prices of BTC popping up in the crypto space.

It’s time to pray for BTC, says Tone Vays

Crypto trader Tone Vays noted that it’s time to pray for Bitcoin. During a brand new episode of Trading Bitcoin, Vays said that BTC is at risk of a more significant move to the downside after breaking support at $7,200 on TradingView.

He continued and said: “BTC Price is breaking under very critical support. This is not good. Time to pray for the best but prepare for the [worst]…”

Vays explained that “The fact that we broke support is favoring the bears. The moving averages look very, very bad. The short term is below the intermediate-term, is below the long term, and they’re all trending down.”

He also said that because the price action is so far below all the moving averages, it’s very possible that the price snaps back.

Bitcoin is consolidating

He also said that the fact that BTC is consolidating would become a bullish sign for BTC if the leading crypto can continue trending sideways for a couple more months.

He believes that if the consolidation lasts for six months, it’s good, but if it lasts for three months or less, things are not that great.

Vays highlighted the fact that so far, the consolidation only lasted for four months.

At the moment of writing this article, BTC is trading in the red and the most important coin in the market is priced at $7,145.45.

There have been lots of optimistic crypto predictions lately, saying that BTC will have a great 2020.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

2380 Articles

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