Veteran trader Tone Vays waits for Bitcoin to break through crucial level to become ‘super, super bull’

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Veteran trader and analyst Tone Vays says he’s waiting for Bitcoin to hit a crucial level before it goes “super, super bullish” on the biggest cryptocurrency.

In a new strategy session, Vays tells his 114,000 YouTube subscribers that Bitcoin is currently sending mixed signals.

“Here’s the bearish case: We’ve had a lot of lower swing lows and a lot of lower swing highs. It’s a bearish channel that I can draw… It’s a bearish picture.

Here’s the bullish picture: We have absolutely, beautifully bounced off the 128-day moving average, which just rounded higher. It is a bullish sign. We make very nice wicks on the lower end.

Vays says Bitcoin bulls need to push the major cryptocurrency above a key price point to regain its bullish momentum.

“I’m waiting for the breakout of the $ 48,000 zone to be super, super, super bullish on Bitcoin. But maybe we lower that at the breakout of the final moving average. Not a big drop, but a drop nonetheless, up to $ 47,000.

That’s all I need on the daily chart to be super bullish on Bitcoin as it breaks both moving averages. This breaks, [it] gets us very close to the previous swing high, and we are very close to the previous swing high, anticipating the breakout.

Last week, Vays said he saw Bitcoin trigger a monster rally once it hit its previous all-time high at around $ 64,000.

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Featured Image: Shutterstock / Mia Stendal

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