Veteran Trader Tone Vays Updates Outlook on Bitcoin After Top Crypto Breaks Above $42,000
Veteran trader Tone Vays says he’s remaining bullish on Bitcoin (BTC) despite the top crypto’s momentum oscillators showing weakness.
In a new strategy session, the seasoned crypto analyst tells his 119,000 subscribers that Bitcoin’s moving average convergence/divergence (MACD), Relative Strength Index (RSI), and Chaikin Money Flow (CMF) indicators all look “horrible.”
“The MACD is very bearish. RSI…RSI is a little nasty right now, I don’t even want to talk about it, and the CMF is in bad shape. The oscillators look horrible.”
A crypto asset’s MACD is a momentum indicator formed by subtracting a longer-term moving average away from a shorter-term one. An asset’s RSI shows whether an asset is overbought or oversold while its CMF is a metric used to measure the buying and selling pressure of a security over a set period.
Despite the bearish indicators, Vays says that he remains bullish on the top digital asset by market cap as it has yet to dip below levels that would concern him.
“We’re still bullish. My line of concern has not yet been touched.
I think today is going to be a good day [for BTC], I think this [most recent downward] candle is just an anomaly to shake people out.
Nothing is ever simple in the world of trading so I remain very very bullish.”
However, Vays notes that his bullishness is toward the mid-to-larger time frames rather than immediate ones.
“There’s not much I can say right now other than I remain bullish on the larger time frames. The daily time frame, the four-day time frame, the weekly time frame, I remain bullish.
Am I bullish on this one-hour time frame? Not really, I’m more neutral.”
BTC is exchanging hands at $43,190 at time of writing, a 3.3% increase from its 24 hour low of $41,794.
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Author: Daily Hodl Staff