Experienced crypto trader Tone Vayscommented that the recent price action of Bitcoin was not very encouraging and shared his views on the course of the price.
Explaining his views in a new video published on his YouTube channel, Vays claimed that technical indicators show that Bitcoin may be ‘in trouble’. The trader who started his technical indicator reviews with ‘weekly candles’:
“The Bitcoin price chart (candles) that I see is in pretty bad shape. Everything is starting to look bad with a new low close. A new low close on a weekly level is very bad. The weekly drop is lower than last week’s low, also very bad.”
Koinfinans.com As we have previously reported, Vays continues to share his predictions by turning the route to Bitcoin Moving Average Convergence Divergence (MACD), which follows the momentum of the two moving averages; stated that this indicator also looks quite ‘bad’.
Vays then clarified his forecast by highlighting the Bitcoin Relative Strength Index (RSI), which measures the speed and change of price movements. As you know, RSI level above 70 is considered overbought and below 30 is considered oversold.
“The RSI on the Bitcoin weekly chart looks lower than it could be. This could be an all-time low on the RSI, which is not good. I mean, it’s nothing but rising, but technically it’s still around 25, so it’s not that scary. There is a little more risk of falling. It could get worse. There will be no good news today. In fact, everything will be bad.”
He finally continued his technical analysis by analyzing the weighted average of accumulation and distribution over a ’21-day period’ and used the “Chalkin Money Flow (CMF)” chart to look for the next ‘trend direction’ of Bitcoin price.
“The CMF may be at a historic bottom, this is a historic bottom. I will do my best to stay positive and find good news. I will really try but I will probably fail.”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.