An experienced crypto trader claims that Bitcoin ( BTC ) is at a crucial moment in its cycle, which could decide its short-term fate.
A new video update from Tone Vays shows that seasoned Bitcoin trader, analyst and bull Tone Vays informs 123,000 YouTube subscribers that BTC is still very weak and could be subject to another capitulation.
It’s not looking good as we remain stuck at $17,000 and there is no upward trend. We continue to consolidate and frustrate the majority of people. This is one way that markets bottom.”
Vays claims that Bitcoin is currently facing a diagonal resistance level which currently rests at $19,000. According to Vays, Bitcoin could see a rally to the resistance level which has been in place since June.
According to the trader, bitcoin is in the middle of a dead cat bounce. Technical analysis refers to a short rally that follows a dip and then quickly drops further for another leg down.
On a weekly basis, it appears that we are still in the middle of a dead cat bounce at $19,000. Bitcoin will be able to make or break the $19,000 mark once we reach that level. Bitcoin must rise above $19,000 in order to reach $21,000.
Many traders worry about the possibility of a significant BTC drop to $10,000. Vays however says that he doesn’t expect it. The trading veteran said that if such a crash did occur, it would be very short-lived.
“In real life, I don’t think Bitcoin will fall below $10,000. I’m confident it will stay there for at least 10 minutes if it does. 99.9% of the time, I won’t be able to buy it at that price. Either the exchanges go down or I won’t be there using my mouse. Is it possible that Bitcoin could crash to $9,000? It’s possible, but it’s not likely. However, there will be those who are able to purchase Bitcoin at these prices and it will rebound very quickly.”
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
