Veteran trader Tone Vays is reversing his outlook on Bitcoin (BTC), no longer forecasting an imminent collapse as he had earlier this month.
Vays says that while Bitcoin had formed a descending triangle, the bearish pattern is not as severe as the one that BTC printed before the 2018 crypto collapse. He also says that BTC is flashing a bullish signal based on the momentum reversal indicator (MRI), an advanced script for professional traders that signals the end of trends based on the momentum in price action.
“The triangle is still a concern. On a weekly scale, we have a green star candle based on the MRI. I see there was a clash. While the triangle was bearish, the MRI was bullish. And as I’ve said many times, I don’t think this triangle is as dangerous as the one we had in 2018. So, I am starting to lean bullish a little bit.”
The crypto trader says his bullish…