A series of technical indicators tracked by the social trading platform TradingView are now bullish on Bitcoin and Ethereum, with mixed results for XRP.
Both BTC and ETH have “buy” ratings on the daily, weekly and monthly time frames, at time of publishing. XRP, on the other hand, is listed as a “buy” on the daily, “neutral” on the weekly and a “sell” on the monthly.
TradingView combines a series of signals for its aggregated analysis, including moving averages, oscillators and pivots, in order to forecast the potential trajectory of leading cryptocurrencies.
Meanwhile, crypto trader and strategist Tone Vays says he’s expecting an imminent market pullback. In the latest edition of Market Pulse, Vays says a significant, healthy correction is due after BTC’s big rally.
“Now, because we made it all the way to $9,500, there is a chance that we’re only going to fall to $8,000. However, we will probably fall lower than that…
This is just a bit of resistance and now we’re going to be pulling back. The weekly chart is still strong, but the weekly chart has plenty of room to the downside without breaking the weekly bullish trend.”
Vays says Bitcoin will likely move to the low $7,000 range. He sold his long positions when BTC was floating around the $9,250 mark and plans to buy the dip if the charts play out as expected.
“I will be buying this dip. I’m waiting for a nice dip.
I believe this dip will go to at least $7,250. It’s possible that we’ll only go to $8,000, but I think it’s going to go lower.”