Veteran Trader Nada Vays Issues Crypto Warning, Says Bitcoin Shift In – Here’s The View

Tone Vays, a veteran trader, has issued a warning about Bitcoin (BTC), stating that he anticipates a decent correction for the cryptocurrency king in the near future.

In a new strategy session, Vays told his 123,000 subscribers on YouTube that it is “very likely” Bitcoin will print a negative signal on the momentum reversal indicator (MRI) displayed on the daily chart.

An advanced metric for technical analysis, known as the momentum reversal indicator (MRI), the momentum reversal indicator predicts the lifecycle of a trend by using an asset’s momentum. In the next twenty-four hours, according to Vays, it is possible that Bitcoin may experience a temporary rise before giving up some of its gains.

“To date, I was expecting a little more upside into Monday, and we will hit $31,500 on Monday, and then here’s a one to four candle pullback, potentially leading to something deeper… Where do I believe it might end? However, I believe that it is possible to get it down to this line ($29,000). That seems like a reasonable amendment to make…

From a starting point of say $31,500 or $32,000, getting down to $29,000 may take more than four days. We can insert the top of the MRI into the bottom of the MRI, and then we can pull it out if it takes more than four days.

His “bulish pessimistic scenario” calls for a drop in the Bitcoin price to around $29,000, as stated by Vays. In the longer term, he believes that the fall in Bitcoin price will likely position the cryptocurrency king for a rebound towards $34,000. According to Vays’ optimistic scenario, the bitcoin price may see a brief correction to the region around $30,000 before resuming its general upward trajectory.