According to Jason Pizzino, one of the well-known analysts of the cryptocurrency world Bitcoin The structure in the price indicates that a possible rally has begun. Jason Pizzino believes that if BTCN surpasses the $28,400 level strongly, the upside movement will begin.
The $28,400 level remains critical. It is struggling to initiate an uptrend, as the market has done since the September lows. The only thing that would disrupt this would be a decisive breach of $28,400. However, a decline in the market to the key $27,200 level could trigger a retest phase.
NEWS CONTINUES BELOW
Pizzino thinks that if the US dollar index (DXY) starts to collapse, it will add fuel to the Bitcoin rally. A weaker dollar usually indicates strength in risky assets like BTC.
He thinks DXY could reverse to the downside following a rejection around the 107 level, which is the 50% retracement level between the high and low of the last swing.
You have to respect the trend, but we can start to look at key areas of resistance that could cause a reversal in the coming days, weeks or months.
NEWS CONTINUES BELOWSo we need to play this like a trader. The trend is still up, but we’re currently seeing some resistance on smaller, shorter moves to the upside, which means you’re potentially seeing some of the energy drain out, at least in the short term. If you start to see the US dollar move above 107 and consolidate. 109 to 110 will be the levels we watch.
There is potentially still some room to move upside, but for now we see resistance at the 50% level.