Veteran Trader Tone Vays Warns of Another Bitcoin Collapse After ‘Disastrous’ Week – Here’s His Downside Target
Seasoned investor Tone Vays says that Bitcoin (BTC) is on the verge of one other breakdown which may ship the worth of the main crypto asset to a brand new 2022 low.
In a brand new technique session, Vays tells his 121,000 YouTube subscribers that Bitcoin’s outlook stays bleak as BTC tries to “desperately” cling to the $19,000 degree.
“[The] weekly chart is having a disastrous candle as soon as once more. It’s a purple star candle. It’s going to shut close to the lows except there’s a monster rally, however it’s a vacation weekend, so I doubt it… Proper now, it is a bearish look… The four-day chart, additionally a bearish look. That’s why we’re in [100%] money.”
Wanting on the each day chart, Vays says that Bitcoin is on the brink of breaching help at $19,000, which he notes may ignite one other sell-off occasion.
“The each day chart is preparing for an MRI [momentum reversal indicator] purchase. That’s excellent news. What’s the dangerous information? The dangerous information is we’re about to interrupt very crucial help and that may ship the worth of Bitcoin considerably decrease, so we’re going to keep watch over this growth and hopefully early subsequent week will probably be a pleasant turnaround with an MRI purchase much like what occurred two weeks in the past.”
Vays’ chart, a break of Bitcoin’s rapid help may drive BTC to his goal at round $14,500.
At time of writing, BTC is altering arms at $19,215. A transfer to Vays’ goal represents a draw back potential of practically 25% for the highest crypto asset by market cap.
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