Veteran crypto trader Tone Vays is analyzing Bitcoin’s path amid a sharp and sudden downturn in the crypto markets.
In a new strategy session, Vays says he’s looking to see if the top crytocurrency can bounce back in a hurry.
Vays likens today’s Bitcoin dump to the ones on May 19th of this year and March of 2020 during the onset of the Covid-19 pandemic. However, he still thinks there’s a possibility that BTC reverses and forms a hammer candle, which is typically interpreted as a technical sign that an asset has bottomed and is ready to reverse.
“I’m pretty sure today reminds people of some of these days, like May 19. And of course, you have to go all the way back to the Covid stuff of March 2020, when we had that big catastrophe of going form $8,000 down to $3,000…
I think this going to be the hammer, it’s just not going to be green