Veteran crypto trader Tone Vays believes that Bitcoin (BTC) is now in a position to resume its uptrend following weeks of consolidation.
In a new strategist session, Vays tells his 122,00 YouTube subscribers that while Bitcoin is in a “buy-the-dip situation,” he prefers it if BTC started flashing signs of strength.
[adinserter block="1"]According to the crypto strategist, Bitcoin’s outlook will be much improved if it manages to take out its immediate resistance.
“It really is time for Bitcoin to rise.
From a weekly perspective, however, there’s really not enough bullishness… But you know how I prefer strength. I prefer new highs. I prefer breakouts.”
Vays goes on to say that Bitcoin will likely print a new yearly high once it moves above $30,000.
“We still have a little bit of time on a weekly scale until we go and make a new high. We need a few thousand more to go. We need to break $30,000, we need to flip the Lucid SAR, and then we’re going to run into some resistance here at $34,000. So at this point, $34,000 is my resistance, and we should accelerate higher above $30,000.”
The Lucid SAR is a directional trend indicator that is a variation of the parabolic SAR. It combines price and time to calculate trends and spot entry and exit points.
Bitcoin is trading at $27,750 at time of writing. The top-ranked crypto asset by market cap is down more than 1.5% in the past 24 hours but up more than 2.5% in the past seven days.
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