Senior analyst Tone Vays said that Bitcoin (BTC) remains bullish despite top crypto momentum metrics showing weakness. cryptocoin.com We have compiled the details for you, let’s examine the subject together…
Tone Vays: Critical Bitcoin metrics look terrible!
In his new analysis, veteran crypto analyst Tone Vays tells his 119,000 subscribers that Bitcoin’s MACD, Relative Strength Index (RSI), and CMF indicators all look “terrible.” Tone Vays adds the following to his explanations on the subject:
MACD is very bearish. RSI… RSI is a bit bad right now, I don’t even want to talk about it and CMF is in bad shape. Oscillators look terrible.
Tone Vays: I’m not down on the leading cryptocurrency yet!
A cryptocurrency’s MACD is a momentum indicator created by subtracting a long-term moving average from a shorter-term moving average. An asset’s RSI indicates whether an asset is overbought, while its CMF is a metric used to measure the buying and selling pressure of a security over a period of time.
Despite the bearish indicators, Tone Vays says he continues to rise in the top coin by market cap, as it hasn’t dropped below levels that should concern him yet. Tone Vays adds the following to his explanations on the subject:
We are still on the rise. My anxiety line has yet to be touched. I think today will be a good day (for BTC), I think this (latest downward) candle is an anomaly to shake people up. Nothing is simple in the trading world so I am very very bullish.
Tone Vays: I’m not bullish on hourly charts….
However, Tone Vays states that the bullish trend is towards the middle timeframes. Tone Vays adds the following to his explanations on the subject:
There’s not much I can say at the moment other than bullish on broader timeframes. Daily time frame, four-day time frame, weekly time frame, I’m bullish. Am I optimistic in this one hour time frame? Not really, I’m more neutral.
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