Veteran crypto trader Tone Vays is predicting upcoming rallies for Bitcoin (BTC), saying that the crypto king is in full-on bullish mode.
In a new strategy session, the seasoned analyst tells his 123,000 YouTube subscribers that the top crypto asset by market cap is flashing signs that it is set to burst to the upside.
“I highly doubt we’re gonna crash in the next 12 hours, so [the] next candle will be a green star candle and that hopefully will set us off on a new swing high.
The last green star candle took all the thunder. Now, most of the thunder will happen on the reversal candle, which is not [an] officially tradable candle, but the moving averages are crossing over into bullish territory and the weekly chart is now [in] full bullish mode based on Consensio.”
The Consensio trading system uses three different moving averages to identify the momentum of an asset and determine position sizing.
Looking at the trader’s chart, he appears to predict a Bitcoin rally toward his initial target at around $34,000. Should Bitcoin break above his initial target, Vays suggests that BTC could rally all the way up to $55,000.
Although Vays is bullish on BTC, he says that Bitcoin’s daily chart suggests that a consolidation period is on the horizon for the crypto king.
“The daily chart is on an MRI (momentum reversal indicator) top, so the last 24 hours was a good time to take your profit.
We just started a brand new candle. I am looking for a one- to four-candle correction, but this correction can certainly be consolidation, and I am leaning more toward consolidation.
I think we’re gonna hold $30,000 here but be careful with the S&P 500… The daily S&P 500 actually has room to go down another 5% or so, maybe 3%, down into the 4,275 area, so [it] could fall most of [this] week and that could drag Bitcoin down a little bit.”
Bitcoin is trading for $30,173 at time of writing, down nearly 1.50% in the last 24 hours.
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