Veteran trader Tone Vays is putting Bitcoin traders on notice as he believes the leading cryptocurrency is flashing signs of weakness.
In a new strategy session, Vays tells his 114,000 YouTube subscribers that while Bitcoin continues to inch higher, lower timeframe indicators are now showing bearish signals.
“But I don’t like the oscillators on the four-hour timeframe, and it’s coming into an MRI [momentum reversal indicator] top. So you really want to be careful here. You want to be a little bit cautious… So this is of concern. This is not normal. You don’t normally get a bearish CMF as the price is breaking out to a new high. That is very, very rare. That’s what happens when your volume is declining so badly.”