It’s been just revealed that the veteran analyst and trader Tone Vays issued a Bitcoin alert to traders. Check out the following reports in order to learn new BTC price predictions.
New BTC price predicitons are out
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $20,489.
Tone Vays is notifying Bitcoin (BTC) traders, and he is warning that the king crypto could be setting up for a big move.
In a new strategy session, Vays just said that technical indicators on the high timeframe charts are flashing bearish signals for BTC.
“The weekly chart looks actually pretty bad… Not only do we have a red star candle, which is bad according to the MRI, we also have a full weekly candle below all three moving averages. That’s also bad, especially the fact that we’re down below the 200-week moving average.”
The seasoned trader said that he is relying 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 that took place between May and June this year when the king crypto plunged from $30,000 to below $20,000.
“We are in this gray zone of accumulation, and this is not good. You guys know that consolidations at the bottom create enviroments where prices drop. You saw this happen between May and June , and then we had the big catastrophic capitulation. Now, we’re back in the same zone, consolidating again.”
He continued and said the following:
“If we start bouncing off of $19,000, there can certainly be a capitulation down to the $15,000 area.”
The crypto mass adoption has been going great and things continue to flourish in the crypto space. Stay tuned for more news.