Well-known cryptocurrency analyst Tone Vays has warned that the current market behavior for Bitcoin (BTC) is not promising.
Via his new video, Vays informs his 121,000 YouTube fans that the technical index for Bitcoin suggests that the Qing currency may be in danger.
Tone Vays begins his analysis with the weekly candles, which he calls a dreadful candle. He says that in the midst of a fresh bottom dip, every little thing has started to look bad. Analysts also believe that the fresh weekly low is actually negative. The weekly shift, which is lower from last week’s low, is also quite negative.
Vays refers to 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 the VAS. Whenever the RSI rises above 70, it is called overbought, and if it falls below 30, it is considered oversold.
RSI hits all-time low
The strategist claims that on the weekly graph, the RSI is lower than ever. This could be the lowest level ever for the RSI, which is not very good. By this, he means that now the RSI should form an upward trend, but it is still close to 25 or anything, so, it is not all that bad.
It can also go down. It could be worse. He says that there will be no positive news today. This is all going to be wrong.
Finally, Vays chooses Chalkin Money Flows (CMFs) to determine price trends by estimating the weighted sum of allocations and distributions over a 21-day time frame.
Elaborating on his final analysis, the analyst says that the CMF could have hit a record low. He further noted that he will do his level best to be optimistic and to spot any big news. However, he then claims that he will crash.
At the moment, bitcoin has lost its $20,000 level and is changing hands at $19,093 with a 5.10% drop over the past 24 hours.