Senior crypto trader Tone Vays warns that the moving averages of Bitcoin (BTC), the largest cryptocurrency by market cap, are showing signs of potential disaster in the coming months. cryptocoin.com We convey the details as…
Tone Vays conveyed his expectations on Bitcoin price
In the past few weeks, Bitcoin (BTC) has started to decline. By the end of January, the price of BTC fell from $ 42,500 to $ 33,350. Vays tells his 120,000 subscribers that Bitcoin’s seven-month moving average is in danger of falling below its 20-month moving average. The analyst states that this has historically caused a depreciation in the market and in the BTC price. Vays uses the following expressions:
We want to avoid this moving average crossover. The only way to avoid this moving average crossover is for prices to break above the short-term moving average of around $50,000 in the current month or next month. This is the only way we can avoid the upcoming and avoidable moving average crossover.
Could BTC lose 50 percent of its price again?
The trader pointed out that Bitcoin (BTC) lost half of its value when the last seven-month moving average fell below the twenty-month moving average. The analyst said that when this intersection last occurred, the BTC price fell by more than 50 percent, and that a pullback was seen until the next moving average. He thinks that this 50 percent drop could be repeated again if BTC changes hands at the $40,000 levels at the moment this moving average crosses again.
Going forward, Vays warns other traders that a 50 percent drop in Bitcoin is within the range of possibilities. He says he wouldn’t be surprised if BTC resumes an uptrend after repeating a price drop like it did in November 2018 and falling from $40,000 to $20,000. In other words, the trader maintains his bullish outlook in the long term, even if there is a decline at first. At the time of writing, Bitcoin is changing hands at $38,304, down 0.4%. While the leading cryptocurrency gained 3.6 percent in the last week, it is observed that it has lost 20 percent over the past month.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.