Tone Vays, former Wall Street trader, recent twitter post says that BTC (Bitcoin) may reach again to $10,000 if it will break above the major resistance level.
He says, “This drop in #Bitcoin today touched the bottom of my triangle perfectly. The Weekly is still calling for more downside but there is a chance the Daily will have something to say about it…”
Even so, the leading cryptocurrency is still experiencing further downside after diving down to $9,100 when the major stock market last March took place.
Yet, Tone Vays is expecting to reconsider the $7,000 value this summer for the very first since late April.
Bullish Ascending Triangle is the ‘best hope’
As per Tone Vays, BTC is amidst of completing a bullish ascending triangle on the chart analysis.
After Bitcoin’s rapid drop level to $8,100 last May 10, the major cryptocurrency has been consistent in showing a course of higher lows. They depict the increase of a lower trendline pattern on Vays’ recent tweet.
Ever since Bitcoin’s precipitous drop to the $8,100 level that took place on May 10, the leading cryptocurrency has been consistently making a series of higher lows. They represent the rising lower trendline of the pattern posted by Vays.
This trendline usually indicates more upside showing buyers are more determined than sellers.
The BTC price needs to break above the flat upper trendline of the pattern to recover.
BTC Daily close below $9,400
Meanwhile, Josh Rager, a Bitcoin trader, believes that BTC price is towards $8,500 now that it has failed to wrap above the $9,400 level on the daily chart. This mid-$8,000 drop level invalidates the said ascending triangle that Vays claims to be the bull’s best hope to break above the weekly resistance level.
As of the moment, the leading cryptocurrency is at $9,377 while bulls and bears are trying to take over their control.