Veteran crypto trader and strategist Tone Vays says Bitcoin (BTC) needs to stay above a key level to sustain its bullish momentum.
In an interview with crypto analyst Scott Melker, Vays explains why he’s bullish on the leading cryptocurrency.
“To invalidate, it’s going to be hard, even on a daily scale. Right now, I would need a full reversal and take out the latest swing low. I’m looking at the daily chart, and this is what I mean by that $30,000 price. I was looking at two things.
I don’t like consolidation at the bottom. To me, a consolidation at the bottom tends to lead to lower prices. But my own indicator has this green arrow here [July 21st]… I was bullish on this day… The buy signal is a buy signal, and it turned into a full-blown up move, and now we have a continuation of higher highs and higher lows.”
Although the veteran crypto trader says Bitcoin is flashing bullish signals, he identifies a crucial price area that he thinks BTC needs to stay above to keep its uptrend intact.
“On a daily scale, I would need a sustained close below $44,000, and then another full candle below it. Even then, I have awesome support at around $42,000. There would need to be some serious downside to reverse this whole trend. I’m pretty damn bullish right now.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Fer Gregory