A closely followed trader says if Bitcoin (BTC) can finish the week in positive territory then the leading crypto asset might be headed for a lunar landing.
In a new strategy session, the veteran crypto analyst tells his 120,000 subscribers that the BTC charts look good so far, but he’s eyeing a pair of resistance levels that need to fall to push Bitcoin’s price higher.
Vays also says BTC is almost about to set off a bullish signal on the Lucid SAR, a variation of the Parabolic SAR, a directional trend indicator.
“Weekly chart, this is looking good. We still have a long way to go until the end of the week.
I am hopeful that anywhere above current flows, I am bullish into next week. And if we’re bullish next week, we’re going to probably break the Lucid SAR.
That is like domino number three or four, and then the final two dominoes would be breaking these moving averages [approximately $43,500 and $46,500] and going above them.”
The chart analyst pegs $52,000 as a critical area that could propel BTC skyward if achieved.
“You can see how the $52,000 area is my moon zone. I’m expecting a huge move to the upside above this line.
That is my line. I don’t need to wait for a new all-time high.”
Vays concludes by considering what it would mean if Bitcoin gets rejected before breaching his target line.
“If we get rejected at the moving average and then fall down without breaking this low [approximately $36,000], the line would move to go in above that new established high.”
Bitcoin is currently up 3.15% on the day and trading for $44,040.
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