Tone Vays Remains Bullish, Argues Bitcoin May Gain Momentum At $ 11,000
The popular cryptocurrency trader, Youtuber and Bitcoin bull, Tone Vays, revealed in his latest analysis that he does not plan to short Bitcoin in the short term. In fact, you think now is the time to buy from the market, especially at price levels around $ 11,000. The merchant shared his stance on the latest episode of his videos «Trading Bitcoin" in Youtube.
In the video, Tone Vays analyzed daily and weekly charts to determine possible Bitcoin price movement. He said that Bitcoin is not likely to experience a severe pullback, despite the occasional red candle that could push us toward support at $ 11,000. Otherwise, Bitcoin consolidates above $ 11,000 after pressing for older highs earlier this week.
If the consolidation continues for a couple more days, the investor plans to buy more around the previously mentioned support at $ 11,000. If we don't hit that level, Vays would buy a potential breakout above $ 11,500. Still, you are not sure what might happen first. In the last episode, he commented:
“So if I'm going to buy in the fall, where would the perfect one be? Well, the perfect drop would be around $ 11,000. "
Specifically, the Bitcoin bull believes that another area of purchase appropriate would be around $ 11,536 and $ 11,570. These prices represent the highs of the last daily candles. If we break through that, an uptrend would be confirmed once again. Otherwise, we could drop to $ 11,000 as a last resort. If this level does not hold, we can expect to hit prices between $ 10.7k and 10.8k.
Bitcoin's weekly outlook
A close look at the weekly time frame for the leading cryptocurrency reveals how the situation can play out. On the one hand, the current weekly candle perfectly took advantage of the 2019 historical monthly resistance at $ 11,688. If the candle closes below that line, we can expect Bitcoin to extend next week before making a final decision. The bottom of this range is around $ 10.7k, a level that turned from resistance to support last week.
Otherwise, we can close the weekly candle above the first resistance point. In that case, Bitcoin would have to retest resistance and convert it to support. The next significant resistance level is at $ 12.2k based on a 2019 trend line.
However, it is unlikely that we will break above this level unless there are major movements or news that affect the price. In the event that we turn completely bullish, our next stop based on weekly and monthly factors sits at $ 13.8k. This point can be the deciding factor for 2020 to be bullish or bearish.
If the market denies Bitcoin thereafter, investors could face a prolonged bear market for several months. Otherwise, the market will seal its fate and lead to Bitcoin testing potentially all-time highs. But whatever happens, it is important to plan accordingly. Bitcoin may seem attractive at the present time. However, the entire financial sphere is currently at a giant decision point that will strongly influence the markets for years to come.
If you found this article interesting, you can find more Bitcoin news here