The crypto market is making great efforts to recover following recent corrections. Check out the latest price targets for the most important coin out there.
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $19,140.
Bitcoin price prediction is out
Veteran crypto trader Tone Vays warns that the recent price action of Bitcoin (BTC) is not encouraging.
In a new video, Vays said that technical indicators suggest Bitcoin could be in trouble.
He stated the following:
“This is an ugly-looking candle. Everything is starting to look nasty with a new low close. A new low close on a weekly level is very bad. Weekly swing low, lower than last week’s low, is also very bad.”
Vays continues by pointing out the Moving Average Convergence Divergence (MACD), which follows the momentum of two moving averages.
“As you can see, the MACD is very ugly.”
He also talked about the Relative Strength Index (RSI), measuring the speed and change of price movements. The RSI is considered overbought when above 70 and oversold when below 30.
“The RSI on a weekly chart is lower than it might have ever been. That might just be an all-time low on the RSI, that’s not good. I mean, there’s not much else for it to go but up, but technically it’s still a 25 or something so it’s not that terrible. It could go a little lower. It could get worse. There’s not going to be good news today. It’s actually all going to be bad.”
We suggest that you check out the complete article posted by the Daily Hodl in order to learn more news.
It’s been just revealed that an important crypto analyst is closely tracking Bitcoin (BTC) price action as he attempts to determine whether the leading crypto by market cap has carved a bottom.