Senior analyst Tone Vays is warning Bitcoin investors as he believes the leading cryptocurrency is showing signs of weakness. cryptocoin.com We have compiled the details for you, let’s examine the subject together…
Tone Vays: So you really want to be careful here
In his new analysis, Tone Vays told 114,000 YouTube subscribers that while Bitcoin continues to rise, lower timeframe indicators are now showing bearish signals. Tone Vays adds the following to his explanations on the subject:
But I don’t like oscillators on the four hour time frame and an MRI (momentum reversal indicator) comes to a peak. So you really want to be careful here. You want to be a little cautious… So that’s worrisome. This is not normal. You don’t normally get a bearish CMF as the price hits a new high. This is very, very rare. This is what happens when your volume drops very badly.
Tone Vays: Volume shrinks amid Bitcoin bullish!
Tone Vays refers to the CMF indicator, which is a technical oscillator that monitors volume to identify periods of accumulation and taking profits. According to Tone Vays’ chart, the CMF is hovering below the zero line, indicating market weakness. Looking at the daily timeframe, Tone Vays highlights that BTC’s volume has “shrunk” amid Bitcoin’s rise. Tone Vays adds the following to his explanations on the subject:
You can see that the volume has dropped overall since the big spike on May 19… It’s just a general trend. Each peak is lower. This is not great. This is not what you really want to see.
Tone Vays: I believe there will be a pullback to the $50,000 area
In the short term, Tone Vays predicts that BTC will pull back before continuing its rise to all-time highs. Tone Vays adds the following to his explanations on the subject:
I expect to buy another dip after approaching the all-time high. And then, I believe there will be a pullback to the lower $50,000 area. Will this happen now? I have no idea. But we’re getting a little high. I still think there is some more room, but I think there will be a pullback before the big end of the year rally.
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