Veteran crypto trader Tone Vays says that Bitcoin (BTC) is still in bear territory despite the crypto king’s bounce last week.
In a new strategy session, Vays tells his 123,000 YouTube subscribers that Bitcoin’s recent rally is not enough to fire up a new uptrend for BTC.
According to the crypto strategist, Bitcoin looks bearish after BTC retested a key moving average on the daily chart as resistance.
“Yes, it’s a nice rally, but this nice rally is not amounting to a bullish-looking weekly chart. It is just not very bullish looking…
The price still looks in a bearish posture even with this rally and the same thing on the daily (chart). It’s nice. It rallied into resistance, so let’s see if it can bust against both moving averages. It’s gonna have to break both moving averages. It’s gonna have to break out of this channel.”
Vays says that BTC must convincingly take out a couple of resistance levels to spark a new uptrend.
“Bitcoin really needs to get above $27,000 in order for me to take the bullish case seriously. In fact, it may even have to break the prior swing high, that’s at $28,000, in order for me to really take the Bitcoin bull market seriously.”
The crypto trader highlights that the latest Bitcoin bounce will likely be short-lived unless the crypto king reclaims $27,000 as support.
“It’s a nice rally but it hasn’t done anything like from a technical analysis perspective other than bouncing off of support at $25,000. It hasn’t yet shown any bullish signs and we do need to get above $27,000 to show that.”
BTC is currently trading for $26,411, down by 0.42% over the last 24 hours.
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