Tone Vays says Bitcoins weekly MRI top is coming in about three and half weeks and will be in the $70,000 range. Bitcoin has bounced back up in the daily chart of the lows of the day, and he believes the set up is bullish with the funding rates coming down for potentially more upside.
Tone says Bitcoin is approaching the $56,000 resistance level on the daily chart which represents the second and third highest Bitcoin close ever. He however says he prefers the 5th candle to pump above the resistance line over the 4th candle [today] and finishing above it because the more the 5th candle will pump, the higher the volatility to the upside in a MRI wave will be.
Tone is bullish on lower time frames, especially on the 1-hour chart forming a hammer candlesticks which could signal a potential capitulation by sellers to form a bottom, accompanied by a price rise to indicate a potential reversal in price direction. He added he would be more bullish on 4-hour candle stick if the current candlestick closes above the previous 4-hour candlestick top.
This episode premiered on March 10th, 2021.
