Prominent crypto analyst Tone Vays is seen alerting that Bitcoin’s (BTC) current market behavior is not promising.
Through his new video, Vays informs his 121,000 Youtube admirers that Bitcoin’s technical index points out that the King currency may be in danger.
Tone Vays begins his analysis with weekly candles which he calls a horrific candle. He says that amidst a fresh bottom dip, every little thing is beginning to appear bad. The analyst also feels a fresh weekly low close is really negative. The weekly shift, which is lower than the previous week’s low, is also quite negative.
Vays goes on to mention the Moving Average Convergence Divergence (MACD), which tracks the velocity of two moving averages. Then he quotes MACD as ugly as well.
The Relative Strength Index (RSI), which measures the velocity and intensity of price moves, is then highlighted by Vays. Whenever the RSI rises above 70, it is termed as overbought, and if it falls under 30, it is deemed as oversold.
RSI Hits Its All-Time Low
The strategist asserts that on a weekly graph, the RSI is lower than ever before. This could be an all-time lowest for the RSI, which is not great. By this, he means that now the RSI should form an upper trend, but that’s still a 25 or anything nearer, hence, it’s not all that bad.
It might go even below. It might get even worse. He states that there will be no positive news today. All of that is about to go wrong.
Lastly, Vays choose the Chalkin Money Flow (CMF) to determine price trends by assessing the weighted sum of allocation and distribution over a 21-day timeframe.
Explaining his last analysis, the analyst states that the CMF could have hit a record low. He further notes that he will try his level best to be optimistic and discover any great news. However, he then claims that he will likely crash.
At the moment, Bitcoin has lost its $20,000 level and is changing hands at $19,093 with a downfall of 5.10% over the last 24hrs.