A popular YouTube technical analyst and one of the few Bitcoin proponents still not entirely convinced that the low is in is getting more bullish by the day. After the recent pop in Bitcoin price back that took it back above $12,000, he is inching ever closer to believing that new all-time highs are incoming.
Tone Vays now wants to see price hold its current level until the end of the day. Then, he states, he will “probably be a bull”.
Vays: A Bitcoin Daily Close at Current Price May Lead to All-Time Highs
In the latest edition of Tone Vays’s YouTube trading show, Trading Bitcoin, the former Wall Street Trader revealed that he is finally starting to become bullish.
Using his TD Sequential trading indicator, the analyst makes the case for considerable upside should Bitcoin hold its current price to the end of today. He states:
“I am probably going to be a bull tomorrow, if we can hold this area… I would love to see a close in the $12,500 area on an end-of-day basis.”
The trading specialist argues that the recent correction from close to $14,000 to below $10,000 was a sizeable enough drop to safely declare the bull market, if price returned to and held its current price close to $12,500.
However, he did point to the ever-growing gap between price and the 200-day moving average as a cause of concern and stated that a huge drop is still a possibility too. As well as this issue, he also pointed to a few other minor hurdles.
The first being that price must hold its current level until today’s close in a few hours time. Additionally, Bitcoin price must close above the next Fibonacci line and the previous top close the $14,000 needs taking out. Hovering his cursor above the 2019 high of just shy of $14,000, Tone states that this is the last “hurdle to go”. Then the analyst has no idea how high the price will go:
“I am expecting a correction in four months… I don’t know what price it’s going to be… I have no upper target, all I have is a time target.”
“We have broken the three prior swing lows. That’s a very good sign.”
BTC Dominance Continues to Rise
The experienced trader then went on to discuss Bitcoin dominance in relation to the rest of the cryptocurrency market. Naturally, the staunch Bitcoin proponent takes pleasure in reporting that Bitcoin dominance is rising to levels not seen since the very peak of the 2017 bull run.
However, he dismisses the small pop that took dominance over its current level back then and instead looks at the previous example, in June of the same year. However, even this is too low for Vays:
“Bitcoin dominance is still grossly low. This needs to be in the 90% area in order for the crypto markets to be taken seriously.”
Related Reading: Bitcoin Dominance Hits New 19 Month High as BTC Approaches $13k
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Published at Tue, 09 Jul 2019 21:00:54 +0000