Veteran crypto trader Tone Vays believes that Bitcoin (BTC) is now in a position to resume its uptrend following weeks of consolidation.
In a new strategist session, Vays tells his 122,00 YouTube subscribers that while Bitcoin is in a “buy-the-dip situation,” he prefers it if BTC started flashing signs of strength.
According to the crypto strategist, Bitcoin’s outlook will be much improved if it manages to take out its immediate resistance.
“It really is time for Bitcoin to rise.
From a weekly perspective, however, there’s really not enough bullishness… But you know how I prefer strength. I prefer new highs. I prefer breakouts.”
Vays goes on to say that Bitcoin will likely print a new yearly high once it moves above $30,000.
“We still have a little bit of time on a weekly scale until we go and make a new high. We need a few thousand more to go. We need to break $30,000, we need to flip the Lucid SAR, and then we’re going to run into some resistance here at $34,000. So at this point, $34,000 is my resistance, and we should accelerate higher above $30,000.”
The Lucid SAR is a directional trend indicator that is a variation of the parabolic SAR. It combines price and time to calculate trends and spot entry and exit points.
Bitcoin is trading at $27,750 at time of writing. The top-ranked crypto asset by market cap is down more than 1.5% in the past 24 hours but up more than 2.5% in the past seven days.
Generated Image: Midjourney
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