Seasoned trader and analyst Tone Vays predicts a strong breakout of Bitcoin (BTC)as he says the current price action is just noise.
In a new strategy meeting, Vays tells its 118,000 YouTube subscribers that Bitcoin has been bullish since BTC recovered from the March 2020 pandemic-induced crash.
“This is just a speed bump in the Bull market.
We had a speed threshold of 50% right there (May 2021) … And now we just had a speed threshold of 38%.
I don’t know if it’s down. It’s probably in there. The low is probably in. “
Bitcoin trades within a large ascending triangle on the monthly chart, according to Vays. The technical pattern is a bullish pattern that indicates the continuation of an uptrend once an asset breaks resistance breaks through.
“I can’t wait to get started.
And the later it breaks out, the harder it gets upwards. [Bitcoin] looks great.
The monthly chart looks absolutely fantastic. ”
Source: Tone Vays / YouTube
Based on Vays’ chart, BTC needs to remove around $ 60,000 of resistance to trigger a massive rally above $ 100,000.
In the short term, Vays says Bitcoin needs to rise above important levels to convince him that the bottom has definitely been reached.
“We withdrew a little from the moving average in this four-day candle. But the next 4-day candle can easily break the next moving average, and that means that the candle will have a crossover of the moving average after that.
So if the next candle shows us strength … If the next candle breaks USD 51,750, I would invest 20% to 33% back in the market. “
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Source: Crypto News Deutsch