Veteran Trader Tone Vay’s Details More Signals of Strength for Bitcoin, Says Environment for BTC Turning Bullish
Veteran trader Tone Vays says a number of key technical metrics are turning bullish for Bitcoin (BTC) after enduring a bearish backdrop for most of the year.
In a new strategy session, Vays tells his 122,000 YouTube subscribers that Bitcoin is holding strong as the weekly chart shows more bullish signals.
“We still have a higher close high on weekly candles. We still have a higher swing high on weekly candles. These are both bullish signs. We have a green star candle. We have a bullish count on MR [momentum reversal indicator], and we are above the 200-week moving average. These are all bullish signs.
MACD [moving average convergence divergence] is about to cross over. It is a bullish sign. We’ve been here before. It didn’t pattern much, but I think this time is different.”
Traders use MR and MACD to detect possible reversals in trends.
Vays adds that two crucial technical indicators are also showing signs of strength for BTC.
According to Vays, the Chaikin money flow (CMF), which measures the buying and selling pressure of an asset, “looks promising.” In addition, the veteran trader says the relative strength index (RSI), a momentum indicator that points to possible trend reversals, is also turning bullish.
“The [CMF] also looks very favorable. It would be nice if we can get it [CMF] over the last hump, but more importantly, over the zero line. We may need a few more weeks to get there, but it looks promising. Looked good.
The RSI is right at the normal levels. Therefore, it tells me that this is a potential buying opportunity from the RSI perspective. So all the metrics are actually turning into a bullish environment.”
Looking at the daily chart, Vays says he remains bullish on BTC despite the recent pullback and is targeting the $28,000 price level.
At the time of writing, Bitcoin is changing hands for $22,895, down less than 1% on the day.
I
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/NextMarsMedia
