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.
[adinserter block="1"]“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.
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