Veteran dealer Tone Vays says Bitcoin (BTC) wants to keep above key ranges so as to maintain its upward momentum.

In one interview With analyst Scott Melker, Vays explains why he is bullish on the benchmark cryptocurrency.

“To neutralize the upward pattern of Bitcoin is very tough. Right now I would like a full reversal and elimination of the final swing lows. I take a look at the weekly chart and the swing low is at $ 30,000.

I’m not the very best match on the backside. For me, consolidation within the decrease vary tends to lead to decrease costs. But my indicator printed a inexperienced arrow right here [ngày 21 tháng 7]… I used to be optimistic that day … It was a purchase sign and Bitcoin made a strong upward transfer, breaking by way of a lot of the overhead resistance. An indication that a new upward pattern has begun. “

BTC / USDT weekly chart | Source: Ton Vays

Although Vays says Bitcoin could have began a new uptrend, he believes that BTC should keep above the $ 42,000-44,000 area to preserve its uptrend intact.

“On the every day chart, Bitcoin has to keep above the $ 42,000 to $ 44,000 zone if there is to be the subsequent correction. There it can maintain the bullish construction with increased highs and lows. This was adopted by a strong upward transfer above $ 50,000. I’m fairly optimistic. “

BTC / USDT every day chart | Source: Ton Vays

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