Veteran trader Tone Vays expects that Bitcoin (BTC)traders and investors alike will panic and sell their BTC stacks in the coming days.
In a new strategy session, Vays tells his 121,000 YouTube subscribers that both the monthly and weekly charts are looking wicked as Bitcoin struggles to stay above the key psychological $30,000 level.
The veteran trader says Bitcoin investors should brace for a possible sharp sell-off event over the next seven days.
“It is very likely that we will have our surrender next week. If we move into the low $30,000 area… This could be a good buying opportunity. But it’s even more likely that this buying opportunity will simply retreat to $37,000 and make another new low later this summer. It’s just not a very good looking chart.”
At the time of writing, Bitcoin is changing hands at $30,470, a level not seen in the past 10 months.
Vays also says he keeps a close eye on the momentum reversal indicator (MRI), a metric that predicts trend continuations and reversals based on an asset’s price momentum. Looking at the MRI, Vays says bearish momentum will prevail over the next three months.
“The daily chart will be heading lower for a while according to the MRI. The MRI still says down about four to five more days. The weekly scale has about four or five weeks down. The monthly scale has about three more months of downside.”
Recently, Vays predicted that BTC is likely to bottom around $25,000 in November of this year.
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Source: Crypto News Deutsch