Analysis

Veteran Trader Tone Vays Issues Bitcoin Alert, Says BTC Went Up Way Too Far and Way Too Fast

Veteran crypto trader Tone Vays says Bitcoin (BTC) is now struggling to sustain its rally after seeing a significant increase in value over the past months.

In a new video, Vays tells his 123,000 YouTube subscribers that the flagship crypto asset is facing heavy resistance as it approaches the $25,000 price level.

While he believes that BTC will eventually breach the supply area, for now, he thinks that BTC is likely due for a breather. 

“The weekly chart is exactly where we’re expecting it to be, slowing down and struggling to break $25,000. We are back under $24,000. I am expecting a bit of a pullback over the next few weeks. We could hit that $25,000 mark. I would be surprised if we break right through it and go higher, so I am looking for either consolidation or a bit of a pullback.”

Vays highlights that the king crypto’s impressive gains happened within a very short period of time. From a low of $16,272 in November, Bitcoin rallied to as high as $24,229 earlier this month – a nearly 50% rise in a few months. 

“This thing went up way too far, way too fast.”

Vays says he plans to buy more BTC once the price of the king coin goes down.

“I hate chasing so I did not add to my bullish position but I do plan to do so on a pullback… Normally consolidations at the top lead to more upside eventually, but right now, I am a little bit skeptical because of the weekly resistance and how far the daily chart is above all its moving averages, so once again, I am anticipating a bit of a pullback before it goes higher.”

I

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/artshock



Source link

Leave a Reply

Back to top button
Please enter CoinGecko Free Api Key to get this plugin works.