The seasoned trader Tone Vays is expressing bullish sentiment on Bitcoin (BTC) as the flagship crypto asset oscillates below $30,000.
In a new video, Vays tells his 122,000 YouTube subscribers that he believes that the price of Bitcoin will trend upwards as long as the support level at $28,000 is not breached.
According to Vays, the price of Bitcoin could appreciate by around 17% from the current level if BTC manages to rise and stay above $30,000 for a couple of days at least.
“I am still bullish in the market. I still think that as long as $28,000 holds, we are going to go higher…
We will wait for some confirmation which needs to come after a sustained close above $30,000, which means spending several days, if not an entire week, above $30,000. And then I will have lots and lots of confidence that we are ready to go up to $34,000.”
If Bitcoin plunges below the support level around $28,500, the veteran trader says the risk of BTC witnessing further corrections will likely rise.
“[$28,500] is my area of concern. This was the prior consolidated low. Below this low, things could get ugly…
If we fall below this (diagonal) trend line, we will be dangerously close to the swing low, the secondary swing low [$28,500]. And I would have to assume that if we break below this trend line sometime in the next few days… if we break this trend line in the next week, I’m going to assume that we are going to fall to the secondary low. And once we touch the secondary low, I will then assume that there is a high probability that low is going to be broken.”
Bitcoin is trading at $29,128 at time of writing.
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