Seasoned trader Tone Vays says Bitcoin (BTC) is gearing up to flash a signal that preceded BTC’s bottom during the 2018 and 2015 bear markets.
In a new strategy session, Vays tells his 122,000 YouTube subscribers that he’s keeping a close watch on one particular indicator on Bitcoin’s monthly chart.
With three weeks left for the month of August, the crypto trader says Bitcoin’s momentum reversal indicator (MRI) on the monthly chart is primed to flash a historically strong bullish signal.
“I like the bullish structure here. This is the monthly Heikin-Ashi chart. I would like to see an actual MRI buy. Historically, these MRI buys have been incredible. Back in 2018, we had the perfect buying opportunity, back in 2015 as well. And if the bear market was longer [in 2013], I’m sure we could have gotten one back then as well.
And here it is: the third ever MRI buy coming up in about three weeks unless the price rallies a lot significantly, which I hope it does, but we will see.”
Traders rely on MRI to spot potential trend reversals while they use the Heikin-Ashi chart to track market trends.
Vays also says that he believes the bear market bottom is in for Bitcoin.
“What we have right now is a candle that’s going to close above the [200-week] moving average. And if it closes above the moving average we’re going to potentially have an entire candle above it, which is great.
I still believe the low is in. What confidence level? I would say about 65% confident that we are not going lower than $17,500.”
At time of writing, Bitcoin is swapping hands for $23,798, up 1.97% on the day.
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