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Crypto YouTuber Tone Vays posted a video on June 14 where he explains why he believes that Bitcoin (BTC) has reached its low.
When looking at BTC’s monthly chart, it hit a critical area of support and reversal.
BTC’s weekly chart has clearly broken its moving average. The YouTuber explains that this could be a very good sign. If BTC were to hit the $19,0000 point and then bounce back to the $23,000 point, he believes that BTC has reached its bottom.
The 4-day allocation chart for BTC also shows that BTC’s price is currently around 42% below the long-term moving average. Vays believes that the newest candle that opened could close out BTC’s low. He describes this as the perfect recipe for a snap-back.
The YouTuber also looked at BTC’s daily chart and explained that the chart is perfectly positioned for capitulation. The daily chart also shows that BTC is yet again significantly below the long-term moving average, in this case, 87% below.
At the moment, BTC is trading at $22,550.71 after an 11.31% drop in price over the last 24 hours, and after reaching a high of $25,416.23 over the same time period, according to CoinMarketCap. BTC also saw a 23.51% drop in price over the last seven days.
In terms of market cap, BTC stands at $433,250,798,572. BTC also saw a 24-hour trading volume of $73,283,466,012, which is a 56.28% increase over the last day.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.