Cryptocurrency analyst and trader Tone Vays has claimed that Bitcoin (BTC) is set to reissue a signal that comes after bottoming out in the 2018 and 2015 bear markets.
Veteran cryptocurrency analyst and trader Tone Vays told more than 120,000 YouTube subscribers in his last strategy session that he closely followed a specific indicator on Bitcoin's monthly chart. The cryptocurrency analyst said that less than three weeks before the end of August, Bitcoin's momentum reversal indicator (MRI) on the monthly chart, which has worked many times in the past, is once again ready to give a strong bullish signal:
“I like the bullish structure here. This is the monthly Heikin-Ashi chart. I want to see a real MRI purchase. These MRI purchases that have worked so many times in the past have been incredible. We had an excellent buy opportunity in 2018 and 2015. And if the bear in 2013 "If the market had continued for longer, I'm sure we could get a signal then too. And here it is: Third MRI purchase coming in three weeks as long as the price doesn't rise significantly. I hope so, but we'll wait and see."
Investors and traders rely on MRI to detect potential trend reversals while using the Heikin-Ashi chart to follow market trends.
Vays also stated that he believes it is at the bottom of the bear market for Bitcoin.
“What we have right now is a candle that will close above the 200-week moving average. And if there is a candle close above the moving average there will potentially be an entire candle above it, which is great. I believe we are still at the bottom. Whatever you call the confidence level, $17,500. I'm 65% sure we won't go below it."