Crypto analyst Jason Pizzino amid rising price of leading crypto asset bitcoin (BTC) calls for caution.
Pizzino tells his 284,000 YouTube subscribers that Bitcoin is unlikely to reach new highs after rising about 5% from its April low.
“I don’t think we’re about to reach new heights here. Because we did not cross this level of 50% (Fibonacci retracement level) at $28,500 and currently $29,337.
Bitcoin still needs to break above these levels for short-term strength to enter the market. Thus, it can try to break $30,000 and $31,000 again.
NEWS CONTINUES BELOWFor now it all looks like a rally towards a diagonal resistance.”
Koinfinans.com As we reported, Bitcoin is trading at $28,804 at the time of writing, up 5.7% from a one-month low of $27,250.
According to Pizzino crypto- The asset will likely pull back down to continue the downtrend that started after BTC rallied almost 100% in five months.
“We’ve been up for five months. Unless this is a final Hail Mary attempt, I don’t expect this price to go up. It’s just a bit of a sad jump before continuing on the downside…
Prices to watch: $26,500, $25,300 and $23,900, about $24,000 level.”