Tone Vays, an experienced trader, is sending out a Bitcoin (BTC) tip, saying that the price of the cryptocurrency king is likely to go down in a reasonable way soon.
In a new strategy session, Vays tells his 123,000 YouTube followers that the momentum reversal indicator (MRI) on the daily chart will “very likely” show a bearish signal for Bitcoin.
The momentum reversal indicator (MRI) is an advanced measure for technical analysis that uses the momentum of an asset to predict the length of a trend. Vays says that Bitcoin could have a short rise in the next 24 hours before giving back some of its gains.
“Right now, I am looking for a little bit more upside till Monday, and we’re going to be pushing $31,500 on Monday, and then here comes the one to four candle correction, which could potentially lead to something deeper… Where do I think it can go down to? Well I think it can go down to this line ($29,000). That would be a reasonable correction…
Going down to $29,000 from say $31,500 or $32,000 could take longer than four days. If it takes longer than four days, we could get an MRI top into an MRI bottom, and then rally off of that.”
According to Vays, a Bitcoin pullback to the $29,000 levels is his “bullish pessimistic scenario.” He also says that the short-term drop in Bitcoin will probably set the cryptocurrency king up for a rise to $34,000.
Vays’ optimistic possibility is that Bitcoin’s price could only drop to around $30,000 before it starts going up again.
At the time this was written, Bitcoin was being sold for $30,323.
