Veteran crypto trader Tone Vays has shared the next critical levels for Bitcoin (BTC). The analyst expects BTC to face “final” test levels in late December or early January. Here are the technical levels…
Analyst sets this range for death cross
In a new analysis video, Tone Vays said he expects BTC to face its “final” test in late December or early January. The analyst thinks the current trading zone is ready for a death cross:
If Bitcoin’s price is positioned in the $50,000 range and drops back to $48,000 in the next four or five days, this could be a good enough consolidation for a death cross later on. I expect the moving averages (MA) to cross sometime from late December to early January and this will be the ultimate test for Bitcoin’s resilience.
- A death cross occurs when a cryptocurrency’s short-term moving average falls below its long-term moving average (MA), which is traditionally a bearish signal. Vays states that the BTC death cross could occur somewhere in the $52,000 to $54,000 range.
Don’t miss the current Bitcoin analysis by popular on-chain analysts Willy Woo and PlanB. Details cryptocoin.com‘in.
Bitcoin 4-hour chart analysis
Looking at the four-hour chart of BTC, Vays says that Bitcoin has formed a double top pattern, which is a sign of bullish momentum:
The four-hour chart MRI (momentum reversal indicator) seems to have broken the resistance line, but just like its previous theme, it has hit an MRI peak on the four-hour chart perfectly. Then, the top has not been broken yet at the intra-candle level…
The analyst adds that the double top pattern could be a bullish sign:
My rule about double tops: Double tops are meant to be broken in reverse. It’s a bullish sign that we made it all the way up and matched the second peak.
- MRI is a time-based chart indicator that attempts to predict reversal of an asset’s price movements.
At the time of writing, Bitcoin is trading at $50,589.25, up 8% from a seven-day low of $45,579.81.
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