Experienced crypto trader Tone Vays, bitcoin He thinks (BTC) price is having a hard time continuing its rally after seeing an increase in the past months.
Posting a new video on his YouTube channel, Tone Vays underlined that there is stiff resistance as Bitcoin continues to approach the $25,000 price level.
Stating that as a result, BTC will exceed the supply area, the trader thinks that he is in a pause period for now.
The weekly chart is at exactly the level I expected it to be, and it’s slowing down. It’s struggling to break $25,000. We are currently below $24,000 and a pullback is possible (partial pullback after this comment). I would be really surprised if we exceed this level. So the probability of a consolidation or a pullback is high.
NEWS CONTINUES BELOW
Wow, bitcoin priceHe underlines that the gains in the company are realized in a very short time. From a low of $16,272 in November, Bitcoin rose to $24,229 earlier this month. This means an increase of about 50% in a few months.
Vays concluded his comment by stating that he plans to buy more BTC when its price drops.
I hate chasing so I didn’t add to my bullish position but plan to do so on a pullback… Normally consolidations at the top eventually lead to more bullishness, but at the moment I’m a bit skeptical because of how high the weekly resistance and all the moving averages of the daily chart are, so Once again, I’m waiting for some pullback before I go higher.