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Veteran trader Tone Vays describes several signals of strength for Bitcoin, saying the environment is turning bullish for BTC

Veteran trader Tone Vays says a number of key Bitcoin (BTC) technicals are bullish after enduring a bearish backdrop for most of the year.

In a fresh strategy session, Vays tells his 122,000 YouTube subscribers that Bitcoin remains strong as the weekly chart flashes multiple bullish signals.

“We still have a higher closing high on weekly candles. We still have a higher swing high on weekly candles. These are both bullish signs. We have a green star candle. We have a bullish count for the MRI [momentum reversal indicator], and we are above the 200-week moving average. These are all bullish signs.

The MACD [moving average convergence divergence] is about to transition. This is a bullish sign. We’ve been here before. It didn’t do much, but I think this time is different.”

Source: Tone Vays/YouTube

Traders use MRI and MACD to spot possible trend reversals.

Vays adds that two key technical indicators are also showing signs of strength for BTC.

According to Vays, Chaikin’s cash flow (CMF), which measures an asset’s buying and selling pressure, “looks promising.” Additionally, the veteran trader says the Relative Strength Index (RSI), a momentum indicator that points to potential trend reversals, is also turning bullish.

“That [CMF] looks very cheap too. It would be nice if we could get those [CMF] over the final hump, but more importantly, over the zero line. We may need a few more weeks to get there, but things are looking promising. So looks good.

The RSI is right at the normal level. Therefore, it tells me that this is a potential buying opportunity from the RSI’s perspective. So all the metrics are actually developing into a bullish environment.”

Looking at the daily chart, Vays says that despite the recent pullback, he remains bullish on BTC and is targeting the $28,000 price level.

At the time of writing, Bitcoin is changing hands at $22,895, down less than 1% on the day.


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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in Bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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