An expert crypto analyst, bitcoin He says that (BTC) expects the current low volatility consolidation period to be resolved with a strong breakout rally.
In a new video he posted, veteran trader Tone Vays tells his 123,000 YouTube subscribers that while the king crypto is in the midst of a “boring” consolidation phase, signs of an impending boom on the upside are flashing.
According to Vays, the key moving averages MAs on the weekly chart are king right now. crypto- serves as support.
“This consolidation is really boring but bullish. The moving averages continue to diverge…
NEWS CONTINUES BELOWWhile the 50-week MA continues to drop, the 200-week is slowly rising and will continue to rise as it is above new candles.”
Vays says he expects Bitcoin to show a golden cross on the weekly chart as the 20-week moving average looks poised to break above the 50-week moving average.
In technical analysis, a golden cross occurs when a short-term moving average, such as the 20-week MA, crosses above a long-term moving average, such as the 50-week MA. Investors keep a close eye on gold crossovers as they can indicate an asset is in an uptrend.
Vays also says that BTC’s Lucid SARs, a directional trend indicator, look good.
As a result, experienced trader BTCbelieves that will exit consolidation in two weeks.
“In a few days, we will have another transition between 20 weeks and 50 weeks, and the Lucid SARs look really nice. So we are still on the rise.
Our allocation is still 100% uptrend in the market. Nothing scares us yet. I think next week or the week after that, we will be on the rise again.”
As we reported as Koinfinans.com, Bitcoin is trading at $ 28,034 at the time of writing. On the other hand, it has experienced a partial decline in the last 24 hours.