Veteran crypto trader and strategist Tone Vays says Bitcoin (BTC) needs to stay above a key level to sustain its bullish momentum.
In an interview with crypto analyst Scott Melker, Vays explains why he’s bullish on the leading cryptocurrency.
[adinserter block="1"]“To invalidate, it’s going to be hard, even on a daily scale. Right now, I would need a full reversal and take out the latest swing low. I’m looking at the daily chart, and this is what I mean by that $30,000 price. I was looking at two things.
I don’t like consolidation at the bottom. To me, a consolidation at the bottom tends to lead to lower prices. But my own indicator has this green arrow here [July 21st]… I was bullish on this day… The buy signal is a buy signal, and it turned into a full-blown up move, and now we have a continuation of higher highs and higher lows.”
Although the veteran crypto trader says Bitcoin is flashing bullish signals, he identifies a crucial price area that he thinks BTC needs to stay above to keep its uptrend intact.
“On a daily scale, I would need a sustained close below $44,000, and then another full candle below it. Even then, I have awesome support at around $42,000. There would need to be some serious downside to reverse this whole trend. I’m pretty damn bullish right now.”
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