Veteran trader and analyst Tone Vays says he’s waiting for Bitcoin to take out a crucial level before turning “super, super bullish” on the largest cryptocurrency.
In a new strategy session, Vays tells his 114,000 YouTube subscribers that Bitcoin is currently flashing mixed signals.
“Here’s the bearish case: we have had numerous lower-swing lows and numerous lower-swing highs. That is a bearish channel that I can draw… That’s a bearish picture.
Here’s the bullish picture: we bounced absolutely, beautifully off the 128-day moving average, which has just rounded upwards. That is a bullish sign. We are making very nice wicks on the lower end.”
Vays says Bitcoin bulls must push the leading cryptocurrency above a key price level to regain its bullish momentum.
“I am waiting for the break of the $48,000 area in order to be super, super, super bullish on Bitcoin. But we may be lowering this to the break of the final moving average. Not a big lowering but a lowering nonetheless, down to $47,000.
That is all I need on the daily chart in order to be super bullish on Bitcoin because this breaks both moving averages. This breaks, [it] gets us very close to the prior swing high, and we are very close to the prior swing high, I anticipate the break.”
Last week, Vays said that he sees Bitcoin igniting a monster rally once it takes out its previous all-time high at around $64,000.
ICheck Price Action
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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/Mia Stendal