Veteran crypto trader Tone Vays believes that Bitcoin (BTC) is now able to resume its upward trend after weeks of consolidation.
In a new strategist session, Vays tells his 122,000 YouTube subscribers that while Bitcoin is in a “buy-the-dip situation,” he prefers it if BTC starts to show signs of strength.
According to the crypto strategist, Bitcoin’s prospects will improve a lot if it manages to clear its immediate resistance.
“It really is time for Bitcoin to rise.
However, from a weekly perspective, there is not enough bullishness… But you know how I prefer strength. I prefer new highlights. I prefer pimples.
Vays goes on to say that Bitcoin will likely print a new yearly high once it crosses above $30,000.
“We still have a little bit of time on a weekly scale until we hit a new high. We need a few thousand more. We need to break $30,000, we need to flip the Lucid SAR, and then we’re going to meet resistance here at $34,000. So right now $34,000 is my resistance, and we should accelerate higher than $30,000.
The Lucid SAR is a directional trend indicator which 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 the time of writing. The top-ranked crypto asset by market capitalization is down more than 1.5% in the last 24 hours, but is up more than 2.5% in the past seven days.
i
Don’t Miss Out – Subscribe to receive crypto email alerts delivered straight to your inbox
Check price action
follow us on Twitter, Facebook And Telegram
Surf the Daily Hodl mix
Image generated: Midway through the journey
