Seasoned crypto trader Tone Vays says that Bitcoin’s (BTC) technical indicators are flashing signs of a potential bounce.
In a new strategy session, Vays tells his 119,00 YouTube subscribers that he believes the 20-month moving average can serve as support for the flagship crypto asset.
“The only good news we have in the monthly chart is the fact that we are right there sitting on a moving average. That moving average could save us, and remember what I said: we are currently in no man’s land. And this is the only area that is perfect for a Bitcoin bounce.”
At time of writing, the 20-month moving average is hovering around $35,234.
Looking at the daily chart, Vays says that the momentum reversal indicator (MRI), a metric that predicts the end of a trend based on an asset’s price momentum, is poised to flip bullish.
“The daily chart – this is good news. The daily chart is coming up on an MRI buy… And Monday will be an MRI buy. I can’t see us avoiding an MRI buy on Monday… So on Monday I am expecting us to rebound. I don’t know where that rebound is going to come from. We are going to hit an MRI buy. It could be higher. It could be lower.
But I am looking for a rebound on Monday at least back to the breakdown area ($40,000), maybe forever. Maybe this is the low. This is actually a great place to catch the low.”
Bitcoin is currently exchanging hands at $35,646.
I
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/delcarmat/S-Design1689
The post Bitcoin (BTC) Flashing ‘Perfect’ Setup for a Bounce, According to Trading Veteran Tone Vays appeared first on The Daily Hodl.
