Experienced trader and analyst Tone Vaysinformed Bitcoin (BTC) traders about the current situation and shared their views, stating that the leading crypto asset may be preparing for a big move.
Posting a new video on his YouTube channel, Vays underlined that the “technical indicators” on the charts showing the higher timeframe are still giving a bearish signal for Bitcoin.
“What appears on the weekly chart actually shows that things are not so good. It’s not just a “bearing candle” that’s bad according to MRI, we’re also seeing a full weekly candle below all three moving averages. This is really bad, especially below the 200-week moving average is the biggest proof that things are bad.”
Vays is also known as someone who relies on a momentum reversal indicator (MRI) to detect possible changes in a trend or trend continuation.
Koinfinans.com As we reported, the analyst, who examined the daily chart closely, noted that the current market structure in BTC is quite similar to the Bitcoin price action between May and June this year, when the leading cryptocurrency fell from $30,000 to just under $20,000.
“We’re in a gray accumulation zone and it’s not very good. You know that bottom consolidations create environments where prices fall. We’ve seen this happen between May and June, and then we had a great disastrous surrender. Now we are back in the same region, we are in consolidation again. If we start bouncing at $19,000, there could definitely be a capitulation of up to $15,000.”
While preparing the news bitcoin priceIt is changing hands for $20,223, up about 3% per day, but still below the 200-week moving average.
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.