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.
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Featured Image: Shutterstock/Mia Stendal