The popular analyst talked about what will happen if Bitcoin (BTC) can end the week in the positive zone.
Veteran cryptocurrency analyst Tone Vays said in his new video that BTC charts look good so far, but he sees a pair of resistance levels that need to drop to push Bitcoin price higher. Vays also says that BTC is almost about to give a bullish signal in Lucid SAR, a variation of Parabolic SAR.
“The weekly chart looks good. We still have a long way to go by the end of the week. Anywhere above current flows, I’m hopeful we’ll be bullish towards next week. And if we get bullish next week, we will probably break the Lucid SAR. It’s like dominoes three or four, and then the last two dominoes break and move above these moving averages around $43,500 and $46,500.”
The analyst highlights $52,000 as a critical area that, if accomplished, could push BTC towards a rally.
“You can see that the $52,000 area is my moonrise zone. I expect a large upside move above this line. This is my line. I don’t have to wait for an all-time high.”
Vays also explained what it would mean if Bitcoin was rejected before it crossed the target line: “If we’re rejected on the moving average and then fall without breaking [around $36,000], the line is this newly formed one. moves to rise above the higher level.”
Bitcoin was trading at $44,300 at the time of writing.
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