Bitcoin falls under critical support – Trader Tone Vays warns: “Time to pray”
Bitcoin falls under critical support - Trader Tone Vays warns: "Time to pray"
Trader Tone Vays says it’s time to pray: The Bitcoin award has fallen under one of its key support zones – is there a bloodbath awaiting us?
The Bitcoin price could not convince in the second half of 2019. Until the last hope holds for a rally. Summer, autumn and even the beginning of winter were marked by uncertainty and the struggle to meet important levels of support.
Tone Vays, a former Wall Street trader and vice president of JP Morgan Chase, believes it will not get better from here. Bitcoin is working to break its crucial support. To say that this is not good for the price would be an understatement – and Tone Vays stresses that it is time to pray.
Trading #Bitcoin – $BTC Price is breaking under very critical support, this is not good. Time to pray for the best but prepare for the world… let's look at the charts to see how bad it might be:https://t.co/4NlnhuEIG0
— Tone Vays [Vegas – Unconfiscatable.com] (@ToneVays) December 12, 2019
He also released a video discussing the charts and how bad the near future could be for the Bitcoin price.
Tone Vays’ Bitcoin Price Forecast
According to Vays, more blood awaits us. Recently, weekly highs were reached for seven weeks, lower than before.
As far as the weekly lows are concerned, the current week has not reached its lowest level since last week, although this is still possible. If so, it would be a very bad sign for the future of the Bitcoin price.
Vays points out: There is not much good on the charts. However, the long-term moving average continues to rise and the Bitcoin price is still significantly higher than the 2019 low. But he also notes that the RSI looks particularly bad.
Vays believes the BTC price has a chance – unless it drops below $ 6,900. If it falls below this level, it will probably go further down.
At the moment, the price is bearish, though he still does not ask for shorts. People may need more time to adapt to the new zone, where the price ranges from $ 6,900 to $ 7,200. If these are the limits of price movement, then BTC is currently at the upper limit.
Bearish and beyond
Although Vays assumes that there might be a chance for recovery for the Bitcoin price. The recent price movement, however, indicates that the bear market will be in full swing again.
On the daily scale, the oscillators seem to prefer the bullish case, although the situation on the weekly scale – where bears seem to be gaining the upper hand – is less positive. The price action confirms that and favors the Bears, even though BTC could still fight back, according to Vays.
Vays concludes that the Bitcoin price is not lost yet – unless it drops below $ 7,100. After that, the next big support is $ 6,900. If this first support is interrupted, it looks bad for Bitcoin. But if they both fall, hell breaks out.