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 a recent discussion, strategist Tone Vays informed his 122,000 YouTube followers that bitcoin is an indicator that he is watching closely 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.
Traders point out that the bullish structure that is formed is very attractive and the monthly chart is called Heikin-Ashi chart. Tony Vays expects to buy MRI as there was a buying opportunity in 2018 and 2015. It also claims that if there was a long buying opportunity in 2013, the crypto space would also have experienced a strong buying.
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 trend reversals and on the other hand, they use Heikin-Ashi charts 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 bottom of bitcoin is very close and he is 65% confident that the currency will not drop below $17,500.
At the time of writing, Bitcoin is trading at $23,127 with a drop of 3.44% over the last 24hrs.
