• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: SEC Wants Blood: Coinbase Sued 1 Day After Binance
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: SEC Wants Blood: Coinbase Sued 1 Day After Binance
Bitcoin Price Breaks Vital Support, TIme To Pray

Bitcoin Price Breaks Vital Support, ‘Time to Pray’ Says Tone Vays

Ali by Ali
3 years ago
in News, Bitcoin, News teaser
0

According to a recent statement by veteran trader Tone Vays, Bitcoin price is breaking one of its major supports, indicating that bad things are coming.


Bitcoin price failed to impress in the second half of 2019, despite hopes that a late Q4 rally akin to 2017 might kick off. The summer, fall, and even the beginning of winter ended up being marked by uncertainty and a struggle to stay above key support levels.

Now, according to Tone Vays — a former wall street trader and VP of JP Morgan Chase — the upcoming period will not improve the situation. He believes that Bitcoin is working on breaking its crucial support. Saying that this is not good for the price would be an understatement, and Tone Vays proclaimed that it is ‘time to pray.’

Trading #Bitcoin – $BTC Price is breaking under very critical support, this is not good. Time to pray for the best but prepare for the world… let's look at the charts to see how bad it might be:https://t.co/4NlnhuEIG0

— Tone Vays [Vegas – Unconfiscatable.com] (@ToneVays) December 12, 2019

He also published a video in which he discusses the charts, and how bad the near future might be for bitcoin price.

Tone Vays’ Bitcoin Price forecast

After analysing the charts during his video, Vays had some bad news to share with his audience. According to him, the bitcoin price movement does not look very good. He recalls that the community was quite bullish about a candle Bitcoin had made back in mid-November, particularly around November 18th.

However, the past weeks brought seven weekly highs than were lower than before. As for the weekly lows, the current week has yet to reach a lower low than last week, although it could still happen. If it does, it would be a very bad sign for the future of bitcoin price.

He notes that there is not much good to see on the charts. The long-term moving average is still rising, however, and the bitcoin price is still significantly higher than it was at the lowest point in 2019. But, he also notes that RSI looks particularly bad.

The overall price action seems pretty dire, as well. He notes that it is not terrible, but it is still not that great, either, and that anything could happen in days to come.

plustoken behind bitcoin rally

Vays believes that the BTC price has a chance unless it drops below $6,900. If it goes below this level, things will likely continue downward. At the moment, the price seems to be bearish, although it is still not calling for shorting. He believes that people might still need time to adjust to the new zone, where the price bounces between $6,900 and $7,200. If these are the limits of the price movement, then BTC right now sits at the top border.

Bearish and Beyond

While he believes that there might still be a chance for bitcoin price to bounce back, the recent price movement indicates that the bear market is likely to return at full swing. On a daily scale, oscillators seem to favour the bullish case, although the situation is less positive on a weekly scale, where bears appear to be taking over.

The price action confirms this, favouring the bears, even though BTC might still snapback, according to Vays. On a lower scale — 12-hour scale, to be precise — oscillators once again turn bearish. But then, the four-hour scale seems to be favouring the bulls, even though it is only slightly away from being neutral. The conflict between the two trends is mirrored everywhere, indicating that bad things might come.

Vays concluded that bitcoin price has a chance unless it goes below $7,100. After that, its next big support is $6,900. If that first support gets broken, things will be bad for Bitcoin. However, if they both fall, the situation will become extremely bad.

With a scenario like that, Vays seems extremely surprised by the number of those who leveraged long, stating that doing so in this market is a very bad call. He has nothing against buying and HODLing, but leveraging long is not a good course of action with the BTC price moving towards a new crash.

Do you expect the price to bounce back, or to continue dropping? Let us know your thoughts in the comments below.


Images via Shutterstock, Twitter @ToneVays

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Ali

Ali

Ali Raza is a freelance journalist with extensive experience in marketing and management. His work has been featured in many major crypto and tech websites including Hacked, Hackread, ValueWalk, Cryptoslate, CCN, and Globlecoinreport to name a few. Raza is the co-founder of 5Gist.com, too, a site dedicated to educating people on 5G technology.

Related Posts

Rare satoshis

Rare Satoshis: The Rising Star In Crypto After BRC-20 And Meme Coins?

7 hours ago
Bitcoin Whale Shark

Bitcoin Sharks & Whales Have Bought 93,000 BTC Since April Top: Santiment

1 week ago
Bitcoin

BREAKING: Bitcoin Mining Industry Spared From 30% Tax In US Debt Ceiling Deal

1 week ago
Bitcoin

Bitcoin Taker Buy Sell Ratio At Highest Since Feb, What Does It Mean?

1 week ago
Bitcoin

Bitcoin Shrimps Continue Aggressive Accumulation As Holdings Hit ATH

1 week ago
Bitcoin Bull

Bitcoin Bullish Signal: Exchange Netflow Registers Negative Spike

2 weeks ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    5 days ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    5 days ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    5 days ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • MOOKY Price Prediction – the next Dogecoin (DOGE)?

    2 hours ago
  • Here’s why DigiToads (TOADS) and Floki (FLOKI) Remain...

    3 hours ago
  • Top 6 Crypto ICOs to buy now

    4 hours ago
  • Double The Value of Your Crypto Portfolio This Summer...

    7 hours ago
  • AiDoge Presale Hits $12 Million, but Could Chancer Be the...

    8 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.