Veteran crypto trader Tone Vays predicts upcoming rallies for Bitcoin (BTC) and says the crypto king is completely bullish.
In a new strategy session, the seasoned analyst tells its 123,000 YouTube subscribers flashing the top crypto asset by market cap indicates it is about to burst upwards.
“I highly doubt we’re going to crash in the next 12 hours, so [the] the next candle will be a green star candle and that will hopefully put us on our way to another swing high.
The last green star candle absorbed all the thunder. Now most of the thunder will happen on the reversal candle, which is not the case [an] officially tradable candle, but the moving averages are moving into bullish territory and the weekly chart is now [in] full bullish mode based on Consensio.”
Consensio’s trading system uses three different moving averages to identify an asset’s momentum and determine its positioning.
Looking at the trader’s chart, he appears to be predicting a Bitcoin rally towards its initial target around $34,000. Should Bitcoin exceed its initial target, Vays suggests BTC could rise to $55,000.
While Vays is bullish on BTC, he says Bitcoin’s daily chart suggests a consolidation period is imminent 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 profits.
We just started with a brand new candle. I’m looking for a one to four candle correction, but this correction could definitely be consolidation, and I’m leaning more towards consolidation.
I think we’re going to hold $30,000 here, but be careful with the S&P 500… The daily S&P 500 actually has room to fall another 5% or so, maybe 3%, to the 4,275 area, so [it] can fall the most [this] week and that could push Bitcoin down a bit.
Bitcoin is trading at $30,173 at the time of writing, down nearly 1.50% in the past 24 hours.
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Image generated: Midway through the journey