An expert crypto trader predicted that Bitcoin would crash in 2018 and will see a steady rise to the end of 2018.
Tone Vays told his 123,000 YouTube subscribers in a strategy session that Bitcoin is now trading within a narrow horizontal channel, after rising from its bear market lows of around $15,700.
“The fact that this horizontal channel is taking place after a 10% upswing, there is a higher than 50% probability that the next breakout will be to the upside, at least the size of the channel, which is small, potentially the size of the prior bounce, which is 10% more.”
The seasoned trader expects bullish continuation for Bitcoin in the short-term, but he believes that the rally will push Bitcoin to a major resistance level which could trigger the next selloff.
“That gets us to the underside of the prior channel, which is major and monster resistance, especially if it comes in contact with the 128-day moving average. So I am looking for this bounce to probably continue to year end, and then everyone is going to be super bullish in the beginning of the year, and then there is a high probability of one more capitulation down.”
Vays previously said that there’s a decent chance of one more capitulation to the sub-$15,000 level.
“The The main reason I believe this is because we spent too much time at $16,000 lows.
The best way to find the perfect low in markets is usually when you only have a few hours. You don’t get a week to think about buying the perfect low.”
Bitcoin trades at $16,954 as of the time this article was written, down more than 1% from the previous day.
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