Veteran crypto trader Tone Vays says despite the crypto king’s leap last week bitcoin It says that (BTC) is still in bear territory.
In a new strategy session, Vays tells 123,000 YouTube subscribers that Bitcoin’s recent rally is not enough to ignite a new uptrend for BTC.
Bitcoin looks bearish after BTC retested a key moving average as resistance on the daily chart, according to the crypto strategist.
“Yes, this is a nice rally, but this nice rally does not mean a bullish weekly chart. Not just very bull-looking…
NEWS CONTINUES BELOWThe price still appears in a bearish position even though this rally and the daily chart are the same thing. Very good. Rallyed to resistance, let’s see if it can break both moving averages. It will need to break both moving averages. He’ll have to get out of this channel.”
Vays says that to start a new uptrend, BTC must convincingly break through several resistance levels.
“Bitcoin really needs to get above $27,000 before I can take the bullish situation seriously. It may even have to break the previous high of $28,000 before I can take the Bitcoin bull market seriously.”
The crypto trader underlines that the latest Bitcoin bounce will likely be short-lived unless the crypto king retraces $27,000 as support.
“This is a nice rally, but in terms of technical analysis it has done nothing but bounce off the $25,000 support. It has yet to show any bullish signs and we need to break above $27,000 to show it.”
BTC is currently trading at $26,411, down 0.42% in the last 24 hours.