Tone Vays: “I can be a bull by the month of February if Bitcoin stays above $ 9,000”

Vays offered his analysis on the price of Bitcoin, and ensures that for now the trend allows optimism as long as some conditions are maintained.

A few hours ago, Tone Vays, an expert Bitcoin analyst who used to work on the Wall Street exchange, made a transmission in which he analyzed the Bitcoin price hops in recent days, and made some predictions. All this was while he was in Bali.

Vays analysis on Bitcoin

Vays compared during the transmission the weekly and daily chart of the price of Bitcoin in order to draw its conclusions. Looking at the chart this week, he estimated that it looks quite bullish, and even said there is potential for an increase over the next five weeks.

This week’s sail chart is above the three average prices, two of which raise it. He also stressed that Bitcoin has a weekly floor that indicates that there is potential for 5 weeks of uptrend.

He also specified that he does not believe in double tops. Therefore, he stressed that the double top in the daily chart is saying that the price of Bitcoin is more likely to rise.

Regarding his personal position, he commented: “If BTC falls enough to find it economically enough, I will be interested in buying more.” He also said that many times he was tried even for not selling his Bitcoin at a time when the price was at its peak.

They also accused him of selling at the top, to make Bitcoin go down, and thus be able to buy more of this cryptocurrency. But now that it went down, it remained unsold at the top since it is held to avoid taxes and other related costs.

One advice he gave for those who exchange with short-term expectations was to change to long-term ones. As long as the price of BTC closes the week around USD 9000 I become a bull that remains in the tendency of having Bitcoin. Even not to go so far, he said he becomes a bull for at least the month of February

About the daily Bitcoin price chart

Then, analyzing the daily chart, the analyst shared the opinion he had 2 days ago. In this line of ideas he mentioned that he expected the market to continue going down for two additional days. Therefore, I expected to see USD 9000 before yesterday and a rebound yesterday.

The rebound became a sailing chart very soon, which is unfortunate according to Vays because it did not allow him to enter his exchange strategy. He specified that he had seriously considered investing in Grayscale Bitcoin Trust (GBTC) because “right now we are in a low premium environment,” but he let go of the opportunity.

Another peculiar advice is that he does not feel bad when he loses a trading opportunity, since according to him there is almost always “another train on the way”. So when he loses one, he does not cry about it but goes and finds another opportunity, citing his words in the transmission.

Resistance levels have been broken on the daily chart, Bullish Bitcoin

As for the good news, he said there is no resistance from now on. So if we are able to stay on USD 9000 for two or three days, he becomes a bull immediately during the following month. This is due to the breakdown of resistance levels in the daily chart.

As for the weekly chart, it has a resistance of around USD 10,000. The price is slowly coming to break that resistance, and in the words of the expert it may take two weeks to get there.

Consider that as long as the price is maintained above the average of 200 days and double tops do not occur, in less than two weeks, a bull attitude can be maintained.

He also dedicated the last minutes of his transmission to talk a little about gold, and other altcoins but very briefly.

Vays comments on Coronavirus and Bitcoin

Vays also answered a question about whether Coronavirus is the cause of the increase in Bitcoin. In response, he replied that he would not go that far, since Bitcoin is an unrelated asset but does react to economic fear.

“Certainly the coronavirus brings some economic fear, since the fear of the virus spreading is certainly helping to increase the price of Bitcoin but it is not the main cause,” said Vays.

He also added that: “Instead, if the virus began to expand globally and people start to really panic, it would actually affect the price of Bitcoin rather than help it. The reason is that economic activity would decrease and people speculate much less with Bitcoin. ”

Reference:criptotendencia.com

Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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