Seasoned trader Tone Vays is issuing a Bitcoin (BTC) alert, saying that a reasonable correction is likely coming for the crypto king.
In a new strategy session, Vays tells his 123,000 YouTube subscribers that Bitcoin is “very likely” to print a bearish signal on the momentum reversal indicator (MRI) on the daily chart.
The momentum reversal indicator (MRI) is an advanced technical analysis metric predicting trend life cycles based on an asset’s momentum. According to Vays, Bitcoin could witness a brief rally in the next 24 hours before giving up some of its gains.
“Right now, I am looking for a little bit more upside till Monday, and we’re going to be pushing $31,500 on Monday, and then here comes the one to four candle correction, which could potentially lead to something deeper… Where do I think it can go down to? Well I think it can go down to this line ($29,000). That would be a reasonable correction…
Going down to $29,000 from say $31,500 or $32,000 could take longer than four days. If it takes longer than four days, we could get an MRI top into an MRI bottom, and then rally off of that.”
According to Vays, a Bitcoin pullback to the $29,000 levels is his “bullish pessimistic scenario.” He also says that the short-term Bitcoin retracement will likely set up the crypto king for a rally toward $34,000.
As for his optimistic scenario, Vays says that Bitcoin could correct down to the $30,000 price area only before resuming its uptrend.
At time of writing, Bitcoin is trading for $30,323.
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