Veteran trader Tone Vays says one Bitcoin (BTC) indicator that historically leads to crypto rallies just started flashing bullish signals.
In a recent YouTube update, Vays tells his 118,000 subscribers that the momentum reversal indicator (MRI), a signal that predicts the end of a trend based on price momentum, just showed up.
“I don’t have much bad news for you, the bad news took place in the prior two months. This is great news. Look, you have a weekly MRI buy. This is something we have not had in a long time, and they don’t come around that often.”
Based on the MRI signaling rallies on the horizon, Vays says he’s still bullish on BTC.
“I personally believe we are going to rally back into the triangle by the time this month is over. Can we go down to $35K before that? It’s possible. But I’m literally bullish right now. Can it dip further? Yeah, of course, it can dip further. It could dip down to $20,000.
But it’s all about probability.”
When it comes to probabilities, Vays says Bitcoin will probably rally in the short-term, at the very least.
“We have to go all the way back to September 2014 to find an MRI buy candle that did not immediately rally the market in the short-term or the intermediate-term.
I’m going to take these odds.”
Bitcoin is currently trading at $41,024.72, down 0.84% over the last 24 hours.
ICheck 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/Space creator/Sensvector