Resistance Alert from Analyst
Crypto analyst and trader Tone Vays does not believe that the biggest cryptocurrency Bitcoin (BTC) will continue to rise in the short term, despite its big gains during the first month of the new year.
Cryptocurrency analyst Tone Vays told more than 120,000 YouTube subscribers that he thinks Bitcoin will meet quite a lot of resistance at the $25,000 level:
“I was expecting us to reach $25,000 and it will be very difficult. Once we get close to $25,000 it could be a pretty big and hard pullback. Yes, we have quite a bit of room on the momentum reversal indicator for the bullish but it will not be easy to break against a three headed resistance monster. We’re about to meet.”
The momentum reversal indicator (MRI) pointed to by Vays is an advanced technical analysis metric that predicts trend lifecycles based on the momentum of an asset. According to the BTC chart shared by the analyst, the ‘three-headed resistance monster’ appears to be a combination of Bitcoin’s moving averages converging around the $25,000 price zone on the weekly chart.
Vays also says that Bitcoin has “raised a little too much, a little too fast in the last 30 days,” and thinks the leading coin will hold up to some pullback before embarking on a real bull run.
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