Today the popular market analyst Filbfilb joined veteran merchant Tone Vays on his YouTube channel. During the discussion, each trader discussed, among other things, their long and short term vision of the Bitcoin price action.
According to Vays, the weekly price action of Bitcoin remains strongly bullish, as Bitcoin passed through multiple resistance levels and remains at the sixth level in the TD Sequential indicator, which is the favorite by Vays.
Vays also noted that the daily time frame is less bullish in his opinion than it was a few days ago. In addition, he highlighted the slowdown in the momentum of the price of Bitcoin. This could imply a possible correction of one to four candles before Bitcoin rises again.
Vays stressed that the trend of BTC is bearish in the short term. From his point of view, opening a long position in a break above 10,400, 10,450 dollars would be a safer trade.
Alternatively, if the price were reduced to $ 10,000, then acquisitions for long positions in the $ 9,500 range would be ideal.
Filbfilb talks about Bitcoin, mining and price action
According to Filbfilb, BTC has recently left its reaccumulation phase when it exceeded the resistance of $ 9,000. Bitcoin is expected to end up exceeding the area of $ 9,500 to $ 11,000, but it could suffer some setback in the long-term downtrend.
Filbfilb is overwhelmingly optimistic about Bitcoin’s long-term outlook and points out that cryptocurrency is above all major levels of moving averages in multiple time frames.
In the short term, Filbfilb believes that it would not be unreasonable for the price of Bitcoin to rebound in the area of $ 9,500, but if this happened it would not invalidate its bullish point of view.
The growing interest in BTC futures is the key
To support his long-term bullish point of view, Filbfilb explained that the CME’s BTC Futures have been the trigger on the direction of the market. It indicates the strong and constant increase in the volume of futures trades and the volume balance indicator (OBV) that continues to push towards higher highs.
This shows that large owners and possibly institutional investors are deeply involved with Bitcoin.. A steady increase in open interest (OI) and the futures premium on Bitcoin contracts also show that the biggest hands feel raised over Bitcoin’s future prospects.
Vays then intervened that the current bull market will probably last three years when taking into account the terms before and after the halving or halving of Bitcoin.
Towards the end of the interview, Vays answered questions from the live audience and a viewer asked if now is a good time to buy Bitcoin or if it should wait until the next correction. Filbfilb responded in depth and added this as the starting point of the discussion:
«In general, the market looks good and healthy for me. I don’t think it makes sense to try to wait for some kind of bomb to occur. So yes, it is a good time according to these experts.
Degree in Liberal Studies from the Metropolitan University. Lover of innovation and believer of technology for the future.