A well-known crypto analyst and trader puts forth his analysis saying that Bitcoin’s price action is depicting the same pattern of 2018 and 2015 bear markets.
During the recent discussion, strategist Tone Vays informs his 122,000 YouTube followers that there is one indicator of Bitcoin that he is closely watching on the asset’s monthly chart.
The analyst asserts that while the month of August has almost come to an end with just three weeks remaining, Bitcoin’s momentum reversal indicator (MRI) for the month is suggesting a massive bull signal.
The trader explains that the bullish structure that is formed is quite fascinating and calls the monthly chart the Heikin-Ashi chart. Tony Vays expects to witness MRI buy because in 2018 and 2015 there was a buy opportunity. Also claims that if 2013 had a longer buy opportunity, the crypto space would have experienced a strong buy then as well.
The strategist further says that the crypto space is about to see the third MRI buy in three weeks unless there is a huge bull run.
MRI is used by market participants to understand the trend reversal and on the other hand, they make use of the Heikin-Ashi chart to know the market trends.
Bitcoin Price To Bottom Soon
On the contrary, Tone Vays predicts Bitcoin bottom in the near future. He then says currently, we observe a candle that will cross beyond the [200-week] moving average. However if it settles just above moving average, there could be a complete candlestick above it, and that is fantastic.
However, the strategist still believes that the Bitcoin bottom is too near and to which he is 65% confident that the currency is not dropping below $17,500.
At the time of writing, Bitcoin is trading at $23,127 with a drop of 3.44% over the last 24hrs.
The post appeared first on Coinpedia
