After a bearish backdrop for most of the year, a number of key technical indicators have turned bullish on Bitcoin (BTC), according to veteran trader Tone Vays.
In a new strategy session, Vays told his 122,000 YouTube subscribers that Bitcoin remains strong as the weekly chart flashes multiple bullish signals.
“We still have a higher close on the weekly candle. We still have a higher swing high on the weekly candle. These are bullish signs. We have a green star candle. We are bullish on the MRI [momentum reversal indicator], and we are above the 200-week moving average. These are all bullish signs.
MACD [moving average convergence divergence] about to cross. This is a bullish sign. We have been here before. It didn’t get a lot of attention, but I think this time is different. “
Traders use MRI and MACD to spot possible trend reversals.
Vays added that two key technical indicators are also showing signs of BTC strengthening.
According to Vays, the Chaikin Money Flow (CMF), a measure of asset buying and selling pressure, “looks promising.” Additionally, the relative strength index (RSI), a momentum indicator that indicates a possible trend reversal, is also turning bullish, the veteran trader said.
“This [CMF] It also looks promising.if we can get [CMF] Cross the last hump, but more importantly, cross the zero line. We’re probably still a few weeks away from getting there, but it looks promising. So it looks good.
RSI is at normal levels. So it tells me that this is a potential buying opportunity from an RSI perspective. Therefore, all indicators have actually turned into a bullish environment. ”
Looking at the daily chart, Vays said he remains bullish on BTC despite the recent pullback and is targeting the $28,000 price level.
At the time of writing, Bitcoin was changing hands at $22,895, down less than 1% on the day.
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