Veteran Trader Tone Vays Details Multiple Signals of Strength for Bitcoin, Says Environment for BTC Turning Bullish

Veteran trader Torn Bayes says a number of key technical indicators are bullish for Bitcoin (Bitcoin) after enduring a bearish background for most of the year.

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

“Weekly candlestick close highs still high. Weekly candle highs still high. Both of these are bullish signs. We have green star candles. We have bullish counts on MRI [momentum reversal indicator], above the 200-week moving average. These are all bullish signs.

MACD [moving average convergence divergence] trying to get over That’s a bullish sign. We have been here before. We didn’t get together very often, but I think this time will be different.

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.

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According to Vays, the Chaikin Money Flow (CMF), which measures asset buying and selling pressure, “looks promising.” Additionally, veteran traders say the Relative Strength Index (RSI), a momentum indicator that signals a possible trend reversal, is also bullish.

” [CMF] also looks very positive. It would be nice if we could get the . [CMF] We’re over the last hump, but more importantly, we’re over the zero line. It may take a few more weeks to get there, but it looks promising. looks very good

RSI is at normal levels. Hence, from an RSI perspective, this indicates a potential buying opportunity. So practically all indicators are turning into a bullish environment.

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

As of this writing, Bitcoin is trading at $22,895, down less than 1% for the day.

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