Bitcoin Has To Make This Move To Reverse Course, Tone Vays Says

The crypto markets are looking good today as well, following a recent correction that had taken place and had investors freaking out. Check out the latest reports about what Bitcoin has to do in order to become bullish once again.

Important trader Tone Vays outlines what needs to take shape for leading digital asset Bitcoin (BTC) to flip bullish. The crypto markets continue to react to global geopolitical instability.

In a new strategy session, the analyst said that the top crypto asset by market cap has seen a three-month period where it continues to establish both lower highs and lower lows.

Vays says that BTC’s course won’t reverse until its weekly chart gets above both its short-term moving average and the previous high which has been set by the last Bitcoin rally on February 10th.

”We’re still in a downtrend. I want to give you guys a nice rosy story with unicorns and rainbows and how we’re going to $100,000, but the charts are not confirming this yet. I’m sorry, they are not.”

He continued and said:

“The weekly chart needs to get above the short-term moving average, and it needs to get above the prior swing high [$44,000]. Until it does that, we are in what is now a three-month trend of [setting] lower highs and lower lows…Until this pattern breaks, I’m not going to be bullish on Bitcoin.”

Looking at the monthly chart, Vays explained that Bitcoin has managed to recover the diagonal support of a large ascending triangle.

“We are back inside the triangle. We are off at the critical lows that would have closed the month below that moving average.”

At the moment of writing this article, BTC is trading in the green and the king coin is priced at $38,943. Stay tuned for more news.