AIf the price of bitcoin surges above $24,500, the other altcoins have also gained tremendous strength and increased their reach, breaking each region’s unique resistance.
However, when the BTC price was rejected, most cryptocurrencies lost value. At the time of writing, Bitcoin is trading at $22,895, down less than 1% from the previous day. According to analysts in the cryptocurrency sector, all of these fluctuations indicate that Bitcoin is in a bullish environment.
Veteran trader Tone Vays has used technical analysis to evaluate the crypto space and used several key technical indicators to prove that while Bitcoin (BTC) was bearish for most of the year, it is now turning into bullish momentum.
In a strategic session, Vays updates his 122,000 YouTube followers that Bitcoin remains strong as the weekly chart shows several bullish signals.
In his opinion, given the bullish signs like the green star candle, there is an opportunity to close high on the weekly candles. He highlighted the bullish count on the MRT [momentum reversal indicator] which is above the 200-week moving average.
In addition, the convergence divergence of the moving average [MACD] also shows a positive sign.
BTC price shows signs of trend reversal?
Chaikin Money Flow (CMF), which measures the pressure to buy and sell an asset, appears to be good, according to Vays. The veteran trader also claims that the Relative Strength Index (RSI), a momentum indicator that signals potential trend reversals, is also shifting in favor of the bulls.
Therefore, all indicators are showing signs of a bullish environment.
Going further, the analyst said that there is strong resistance in the BTC price right now and a price reversal appears to be imminent.
Analyzing the daily chart, Vays claims that despite the recent price drop, he remains bullish on Bitcoin and is aiming for $28,000.
Final Thoughts
August has historically been a bad month for cryptocurrencies, prompting caution from analysts and traders. However, there are several positive developments in the crypto space and there is a high possibility that they will manifest themselves in asset price jumps.
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