Wall Street veteran and crypto strategist Tone Vays believes that Bitcoin is likely on the verge of a breakout as BTC flashes bullish signals on multiple timeframes.
Vays says BTC is poised to breach resistance at $12,000 and mark a historic milestone on the weekly chart.
“If you get a new weekly high close right around $12,000, this is a very bullish sign. That means we have the highest close in three years… That would be the highest close since January 8, 2018…
It also means that on a weekly scale, there have only been one, two, three, four, five, six weeks that would have closed higher in the history of Bitcoin. That is incredible. This is absolutely incredible.”
Vays also highlights that based on the daily timeframe, Bitcoin looks ready to move higher.
“[I] just glanced the daily chart. The last time I did this video was like three or four days ago. I put in this little channel. This was my breakout line at $11,550. We broke that this morning. Got another green star. Everything is lining up right now: the weekly, the daily… I’m loving this, man. I think we’re ready for that breakout.”
While Vays is bullish on the largest cryptocurrency by market cap, another prominent trader notes that BTC’s historical price action and a pullback in the stock market may not bode well in the short-term. Crypto strategist and trader Smart Contracter references the price action early this year, which signals that BTC may revisit its March 2020 lows.
“BTC starting to look it did in Feb this year before we had that final capitulation low. Something to keep in mind, plus weekly SP500 close wasn’t too crash hot, kind of looks like a double top, and a test of 3,200 range lows on the cards.”
As for Ethereum, closely-followed trader Michaël van de Poppe says the second-largest cryptocurrency is poised for the next leg up if BTC continues to show signs of strength.
“We have to hold here (around $370). Get a compression going. If we get that compression going and test the highs again around the resistance area of $390, I think we can make a break out towards $440 at a relatively fast pace. That’s because also given the fact that we’ve got this frequent tests over here (around $390). That one more test will most likely cause the price to break through and make a rally towards $440.”
Meanwhile, a popular analyst on TradingView is telling his followers that XRP is also poised for a breakout rally if it holds historic support of $0.23.
“XRPUSD is in a situation where it needs to show how good it can hold the established supports and to form a decent breakout from this point as it is marked in my chart.
When XRPUSD shows up with this and moves above the upper boundary with a decisive volatile move it will finally confirm the descending-channel-formation properly to the upside and activate further movements. This perspective is also matching with the inverse head and shoulder formation XRPUSD is building here I mentioned already in the past analysis.”
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