Crypto strategist Jason Pizzino Bitcoin The chart shows technical indicators similar to the deep corrective moves in 2016 and 2019. stated.
Pizzino noted that BTC price is respecting the “Gann 50%” retracement level as resistance with its close below $42,230.
Traders use Gann Indicators to identify important support and resistance levels as well as predict market tops and bottoms.
The Bitcoin chart is currently showing extremely high volume and a weekly close below the Gann 50% level on the reversal bar. BTC is currently down 15% from its high and its next level lies at $37,000.
NEWS CONTINUES BELOW
Last week, Pizzino issued a warning, saying that he respected the Gann 50% retracement level as resistance after Bitcoin’s initial move from the bottoms in 2016 and 2019. In December, he shared a chart suggesting that BTC could correct after reaching the same technical indicator.
Looking at Pizzino’s chart, BTC retraced approximately 70% in 2019 after Gann surged to the 50% retracement level.
Pizzino also noted that Bitcoin takes into account price movements in lower time frames. According to the analyst, Bitcoin holders are currently in the process of selling their coins based on the Wyckoff Distribution Scheme.
