Crypto News– According to crypto analyst Jason Pizzino, the current market dynamics of Bitcoin (BTC) indicate the initiation of an uptrend. In a recent strategy session, Pizzino addressed his YouTube audience of 290,000 subscribers and emphasized that if BTC can firmly establish itself above the $28,400 threshold, a robust upward rally is likely to ensue.
Bitcoin Market Structure Indicates an Emerging Uptrend, Notes Analyst Jason Pizzino
Pizzino also pointed out that a weakening US dollar index (DXY), which measures the USD against a basket of major foreign currencies, would further support Bitcoin’s upward movement if it starts to decline. A declining dollar typically signifies strength in risk assets like Bitcoin.
“You’ve got to respect the trend, but we can start to look at areas of significant resistance, which may cause a reversal in the coming days, weeks or months.
So we need to play this like a trader. The trend is still up, but we’re seeing some resistance at the moment on smaller, shorter moves to the upside which means potentially you’re seeing some of the energy run out, at least in the short term. If you start to see the US dollar break above 107 and consolidate. 109 to 110 are the levels that we’re watching…
There’s still potentially some room to run to the upside, but for now, we’re seeing some resistance at that 50% level.”
Pizzino speculated that the DXY could potentially reverse to the downside following a clear rejection around the 107 level. This level represents the 50% retracement level between the DXY’s recent peak and trough.
In summary, Pizzino’s analysis suggests that Bitcoin’s current market structure is conducive to an uptrend, particularly if it can sustainably trade above $28,400, while a declining US dollar could provide additional momentum.
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