Previously, veteran trader Tone Vays had warned that Bitcoin could well face another trip below the $5,000 in a final spate of “pain” for markets.
In a tweet on Monday, he warned that the current downward trajectory could take BTC/USD 50% lower, but not at the pace seen last week.
“Today is a critical Day for #bitcoin, at the moment we are looking at a new Daily Low Close. This is Bearish,” he wrote.
Today is a critical Day for #bitcoin, at the moment we are looking at a new Daily Low Close. This is Bearish. But we do have an 9 Buy which is Bullish. However, I do not have much confidence this 9 will swing price very high. I'm now looking for Countdown phases in $BTC & $SPX pic.twitter.com/S0As9KYX6l— Tone Vays – TheFinancialSummit.com (@ToneVays) March 16, 2020