Tone Vays, a veteran trader, has issued a Bitcoin (BTC) alert, stating that a moderate correction is likely on the horizon for the cryptocurrency monarch.
Vays informs his 123,000 YouTube subscribers in a new strategy session that Bitcoin is “very likely” to display a pessimistic signal on the momentum reversal indicator (MRI) on the daily chart.
The momentum reversal indicator (MRI) is an advanced metric for technical analysis that predicts trend life cycles based on the momentum of an asset. According to Vays, Bitcoin could experience a fleeting rally in the next twenty-four hours before reversing its gains.
Getting from, say, $31,500 or $32,000 to $29,000 could take longer than four days. If the process takes longer than four days, we may be able to insert an MRI top into an MRI bottom and proceed from there.
Vays identifies a Bitcoin pullback to $29,000 as his “bullish pessimistic scenario.” The short-term Bitcoin retracement, he adds, will likely position the cryptocurrency monarch for a rally toward $34,000.
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