Trader Tone Vays Updates His Outlook on Bitcoin – Remains Bullish On BTC

Crypto trader Tone Vays remains bullish on Bitcoin (BTC) regardless of indicators turning bearish on the leading crypto asset.

In a recent video, the veteran analyst shared with the 119,000 subscribers on his YouTube channel that a number of Bitcoin’s price indicators look “horrible.”

“The MACD is very bearish. RSI…RSI is a little nasty right now, I don’t even want to talk about it, and the CMF is in bad shape. The oscillators look horrible.”

A crypto asset’s MACD is a momentum indicator is derived from subtracting a longer-term moving average from a shorter-term one. An asset’s RSI indicates, if an asset is overbought or oversold. CMF is a metric often used to measure the buying and selling pressure of an asset over a certain period of time.

Regardless of the bearish indicators, the analyst remains bullish on the largest crypto asset, as it still floating above levels that Vays would find concerning.

“We’re still bullish. My line of concern has not yet been touched.

I think today is going to be a good day, I think this candle is just an anomaly to shake people out.

Nothing is ever simple in the world of trading so I remain very very bullish.”

The trader however, points out that his bullish stance is toward the mid-to-larger time frame, instead immediate/hourly.

“There’s not much I can say right now other than I remain bullish on the larger time frames. The daily time frame, the four-day time frame, the weekly time frame, I remain bullish.

Am I bullish on this one-hour time frame? Not really, I’m more neutral.”

At the time of writing, BTC is trading at $43,085 with 0.8% upside on the daily chart.