Experienced trader Tone Vays, bitcoin believes that the recent correction in the price gave the bulls a chance to buy the market at low prices.
Posting a new video on his YouTube channel Tone VaysHe pointed out to 123,000 YouTube subscribers that Bitcoin’s plunge on Monday was largely a news-driven event.
According to Trader, investors are on the U.S. Securities and Exchange Commission’s (SEC) cryptocurrency exchange. Binance and he is concerned by the news that he is suing his CEO, Changpeng Zhao.
After the correction, Vays noted that BTC’s daily chart is currently bearish as it is trading below a key moving average.
The daily chart looks very, very bad. We broke the 128-day moving average. This is one of my favorite moving averages. I don’t like that we broke it. If we get above this moving average in the next 24 hours, then it won’t matter. But if we don’t, there is a horizontal support at $25,000. Apart from that, you have the long-term moving average at $23,500.
NEWS CONTINUES BELOWI would be surprised, I would be very surprised if we went below $25,000.
The 128-day moving average is currently hovering at $26.264. At the time of this writing, Bitcoin was trading at $26,675. While Bitcoin is showing signs of weakness, Vays says he expects BTC to bounce back in the coming days.
You can follow the current price action here.