Bitcoin’s Consolidation Phase Leading to a Strong Rally, Says Expert Trader
Tone Vays, a seasoned crypto trader with a significant following on YouTube, predicts that Bitcoin's current period of low-volatility consolidation will lead to a strong breakout rally.
In a recent video update, Vays suggested that although Bitcoin is in the middle of a “boring” consolidation phase, it shows signs pointing to an upcoming upward trend.
Vays highlights that the key moving averages on the weekly chart currently support the king crypto. He notes that even though the consolidation phase is dull, it is bullish as the moving averages continue to separate.
Specifically, the 50-week moving average continues to drop while the 200-week moving average is slowly rising. Vays expects the 20-week moving average to surpass the 50-week moving average, resulting in a golden cross on the weekly chart, indicating an uptrend.
In technical analysis, traders closely watch golden crosses because they signal an asset’s upward trend. Vays also notes that Bitcoin’s Lucid SARs, a directional trend indicator, look good.
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According to the analyst, Bitcoin is likely to break out of its consolidation very soon, as the 20-week and 50-week moving averages will likely cross over soon.
Vays remains 100% bullish in the market, stating that nothing is scaring him yet. He anticipates that Bitcoin will start to rise in the following weeks.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
