Ton Weiss thinks tt’s really time for bitcoin to grow
The main crypto coin is in the zone of formation of the historical pattern “golden cross” on the price chart. This was announced by the cryptocurrency market analyst Mustache in social networks. We are talking about an indicator that is a signal for a subsequent increase in the asset price.
The Golden Cross is a bullish trading signal. This means that if the short-term average rises above the long-term average, there is a possibility of a shift in the direction of the market trend. That is why it is believed that the indicator indicates the start of a bullish trend.
The opposite pattern is the “cross of death”. It is typical for him when the short-term average is below the long-term, which indicates a bear market. Previously, the “cross of death” was noticed on the Bitcoin chart in the early autumn of last year, before the bankruptcy of the FTX platform.
And the well-known cryptanalyst Ton Weiss believes that the first crypto coin is ending its consolidation period and BTC is ready to return to growth. The expert believes that many investors have “bought off the bottom of bitcoin”, so the digital asset will grow.
However, for this it is necessary to overcome the mark of $30,000. If the bulls can do this, then Bitcoin will update its price highs.
“It’s really time for Bitcoin to rise. Although, if you look at the weekly chart, the bulls lack strength. But, you know, I love strong assets, new records and breakouts. There is still time to overcome resistance. We need to exceed $30,000, reverse the Lucid SAR indicator, and then we will rise to $34,000, where another resistance awaits. I think that will happen,” the analyst said.
Lucid SAR is a variant of the Parabolic SAR directional trend indicator. It combines the course and time to calculate the trend, as well as to determine the entry and exit positions.
Earlier, Ton Weiss stated that the possibility of BTC price growth is obviously higher than the probability of its fall. At the same time, the first cryptocurrency bounced off the $26,000 mark and now BTC is trading at $27,113.
