Tone Vays Identifies Key Support Level For Bitcoin’s Bull Run To Continue
According to Tone Vays, a well known crypto trader and strategist, Bitcoin (BTC) needs to stay above a key level to sustain its bullish momentum.
Vays explains why he’s bullish on the leading cryptocurrency, in an interview with crypto analyst Scott Melker on his Bullish on Bitcoin show.
“To invalidate, it’s going to be hard, even on a daily scale. Right now, I would need a full reversal and take out the latest swing low. I’m looking at the daily chart, and this is what I mean by that $30,000 price. I was looking at two things.
I don’t like consolidation at the bottom. To me, a consolidation at the bottom tends to lead to lower prices. But my own indicator has this green arrow here [July 21st]… I was bullish on this day… The buy signal is a buy signal, and it turned into a full-blown up move, and now we have a continuation of higher highs and higher lows.”
Despite that the trader is “pretty damn bullish right now” on Bitcoin, he identifies a crucial price area that he thinks BTC needs to stay above to keep its uptrend intact.
“On a daily scale, I would need a sustained close below $44,000, and then another full candle below it. Even then, I have awesome support at around $42,000. There would need to be some serious downside to reverse this whole trend. I’m pretty damn bullish right now.”
