“I Can See One More Halving Pump”, Leading Trader Tone Vays Shares His Analysis
Bitcoin [BTC] gained 4.1% on a daily scale yesterday, with the price topping at $716x. The bullish impetus echoed in the other cryptocurrencies as well. On a daily scale, it is facing resistance from the 50-Day EMA as it closes around $7135.
Bitcoin halving is now less than 20 days away with an ETA on 12th May at 9: 00 hours UTC. The event leading up to halving has been bullish in the last two times. Leading derivatives trader and analyst Tone Vays suggests from his analysis that one more halving pump could be due. He says,
“I can see one more halving pump around the edge of the (ascending) triangle”
According to his analysis, the price is currently in a bullish consolidation with higher highs and resistance around $7250-$7300. The target of the move is around $9,400-$9,700.
The long-term weekly chart is, however, still playing out where he does not see $10,000 until next year.
Stock Market Correlation
Apart from halving, the price action in the stock markets is also holding the bullish sentiments in Bitcoin [BTC]. More than one month after the crash due to coronavirus, the correlation with the stock market is still holding above 0.4.
![Bitcoin [BTC] Above $7000, "I can see one more halving pump" says Tone Vays](https://thebitcoinstreetjournal.com/storage/2020/04/ISswVS.jpg "“I Can See One More Halving Pump”, Leading Trader Tone Vays Shares His Analysis")
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The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com
Published at Thu, 23 Apr 2020 09:56:38 +0000
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