Veteran crypto trader Tone Vays says Bitcoin (BTC) is still in bear territory despite the crypto king’s uptick last week.
In a new strategy session, Vays tells his 123,000 YouTube subscribers that Bitcoin’s recent rally is not enough to spark a new uptrend for BTC.
According to the crypto strategist, Bitcoin is looking bearish after BTC retested a key moving average on the daily chart as resistance.
“Yes, it is a nice rally, but this nice rally does not amount to a bullish-looking weekly chart. It just doesn’t look very bullish…
The price still looks in a bearish stance even with this rally and the same on the daily (chart). It’s fun. It met resistance, so let’s see if it can break against both moving averages. It will have to break both moving averages. It will have to break out of this channel.
Vays says BTC needs to convincingly clear some resistance levels to start a new uptrend.
“Bitcoin really needs to get above $27,000 to take the bullish thing seriously. It may even be necessary to break the previous swing high, which is $28,000, so that I can really take the Bitcoin bull market seriously.
The crypto trader emphasizes that the latest Bitcoin bounce will likely be short-lived unless the crypto king reclaims $27,000 as support.
“It’s a nice rally, but from a technical analysis perspective, it’s done nothing but $25,000 support. It hasn’t shown any bullish signs yet and we need to get above $27,000 to show that.”
BTC is currently trading at USD 26,411, down 0.42% in the last 24 hours.
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Image generated: Midway through the journey