Popular Bitcoin trader Tone Vays states his fears on BTC’s technicals as it struggles to find support below the $50,000 mark.
Furthermore, Tone Vays points out when BTC drops below the 50-week MA, saying it later drops down to touch the 200-week MA. Of course, currently it’s at $20,000 mark.
“If we break this moving average I would need to bring the 200-week moving average in…”
“And, well, that’s not good, is it? That takes us down to the $20,000 mark…”
So, Tone Vays adds.
“Now in a way that’s bad but in a way that’s actually really good…”
“In a way, if we do make it here, oh boy is there going to be a massacre….”
“Mostly in the sh*tcoin space, there will be a massacre.”
More so, Tone Vays mention how the pandemic market crash of March 2020 needs the 200-week support level to rebound.
“There will be huge panics, but also, look at how the 200-week perfectly bounced…”
“the price of Bitcoin to eventual new all-time highs. So resetting this market to the 200-week…”
“moving average would be – I’m not going to say good – but it’s going to be bad either.”
Lastly, Tone Vays is read to see the worst in the market, saying he thinks that the bottom for Bitcoin is much closer than $20,000.
“I don’t believe this is a likely scenario, I still believe we are going to bounce…”
“somewhere [Near $40,000] without breaking the prior swing low.”
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