Bitcoin prepares for an incredible bullish signal

Bitcoin prepares for an incredible bullish signal

Bitcoin investors are hopeful for a possible rebound in value and investor Tone Vays on his YouTube channel has noted that the leading cryptocurrency is preparing for an incredible bullish signal with a lower base that preceded the bear markets of 2015 and 2018, according to Daily Hodl.

The expert is keeping a close eye on a particular indicator on the monthly chart of Bitcoin.

With three weeks left until August, the crypto trader says that the Bitcoin Momentum Reversal Indicator (MRI) on the monthly chart is poised to show a historically strong bullish signal.

“I like the bullish structure here. This is the monthly Heikin-Ashi chart. I would like to see a real MRI purchase. Historically, these MRI purchases have been incredible. In 2018, we had the perfect buying opportunity, also in 2015. And if the bear market was longer than it was in 2013, I’m sure we could have had one back then as well,” Vays said. “And here it is: the third MRI purchase in about three weeks, unless the price goes up significantly, which I hope it will, but we’ll see.”

Investors rely on MRI to spot potential trend changes as they use the Heikin-Ashi chart to track market trends.

Vays also says that he believes Bitcoin has bottomed out in the bear market.

“What we have right now is a candle that will close above the 200-week moving average. And if it closes above the moving average, we are potentially going to have a full candle above it, which is great,” Vays said.

“I still believe that the drop is inside. What level of trust? I would say about 65% are confident that we will not go below $17,500,” Vays concluded.

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