Crypto

Veteran Trader Ton Weiss Repositions Bitcoin After Recent Rally – Here’s His Fresh Forecast

Seasoned trader Ton Weiss has changed his mind about Bitcoin (BTC), no longer predicting an imminent crash like he did earlier this month.

In a new strategy session, Weiss tells his 123,000 Youtube subscribers that he is now leaning higher after bitcoin and the cryptocurrency market have traded higher in recent days.

Weiss says that if Bitcoin formed a descending triangle, the bearish pattern would not be as severe as the one that BTC had before the 2018 cryptocurrency crash. He also says that BTC is giving a bullish signal based on the Momentum Reversal Indicator (MRI). an advanced script for professional traders that signals the end of a trend based on price action.

“The triangle is always a concern. On the weekly scale, we have a green MRI-based star candle. I see that there has been a collision. While the triangle was bearish, the MRI was bullish. And as I’ve said many times before, I don’t think this triangle is as dangerous as the one we had in 2018. So, I’m starting to lean a bit to the bullish side. »

The crypto trader says his bullish sentiment is based on Bitcoin price closing above the key psychological zone of $20,000.

“We are going to bet a 20% bullish distribution because the price is above the two moving averages. They are on the rise; one is higher than the other and I expected us to set a decent close above the $20,000 area and we are now at $20,600. I think it’s a decent place. We also have a high probability of breaking the next moving average on the next short-term candle, a few more candles in order to break through the medium-term. And all of these are very good signs that the market may turn around. »

Looking at the Weiss chart, the analyst seems to be predicting a strong push for Bitcoin towards $30,000. At the time of writing, Bitcoin is changing hands at $20,426.

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