Veteran crypto analyst Tone Vays says that Bitcoin (BTC) would overturn bearishly in its current scenario would be paradoxical.
In a new strategy session, the seasoned trader tells his 118,000 subscribers that the events that would have to take place in order for him to become bearish on King Crypto would actually make him bullish.
“Someone asked me where I would turn on bearishly [the] medium and long term. That’s a really good question … I would literally need it [to see] Bitcoin under $ 35,000 to go bearish in the medium to long term.
But there’s a huge contradiction in that because when BTC falls that low, it’s at a pretty significant low, and there is absolutely no point in going bearish at this point.
For this reason, in this current structure, almost nothing can happen at the moment that would make me bearish in the medium to long term … it is almost impossible to become bearish. “
According to Vays, the only scenarios that BTC could bearishly flipping at this point would be a massive exponential surge like the end of 2017, which is generally followed by a correction follows, or a downtrend triangle pattern.
“It is very unlikely that I would go bearish, we would need a much higher exponential run-up to go bearish first, or a descending triangle. There is nothing wrong with being bearish when the moving averages cross. [but they] don’t cross very often. “
Bitcoin is trading hands at $ 47,895 at the time of writing, up 3% from its 7-day low of $ 46,471.
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Source: Crypto News Deutsch