Seasoned trader Tone Vays says he’s looking at a fresh bear cycle low for Bitcoin (BTC) after it failed to sustain bullish momentum.
In a new strategy session, Vays says Bitcoin is now at risk of losing over 33% of its value from its current price after BTC went below the key breakout level of $21,500.
“If we get back into this channel, it creates a complete disaster for the price of Bitcoin. So I don’t want to see us enter this channel.
We can trade down with the 50-period moving average on the daily scale another day or two but that’s probably it. And after that, would need to rally back to the 128-day moving average, and at that point, it really needs to