This morning, Jason Pizzino, a seasoned crypto trader, and analyst, released his latest technical analysis for Bitcoin (BTC) on his YouTube channel. According to Pizzino, altcoins are experiencing a short-term bloodbath, but he believes this temporary bearish phase is necessary for the market to pave the way for the next bull run.
During the discussion, the trader highlighted the noteworthy development of the crypto fear and greed index’s attempt to surpass a crucial resistance level at approximately 80. Although the technical indicator has slightly retraced since then, Pizzino anticipates another pullback to balance the current market sentiment, which is currently in extreme greed.
In addition to his insightful commentary, Pizzino delved into the intricacies of the U.S. Dollar Index (USDX), highlighting its current position at a crucial support level of 100.2. A potential dip in the dollar’s strength would undoubtedly bode well for the crypto market as a whole. Pizzino’s astute analysis leads him to predict that a breach of this support line would trigger a medium-to-long-term surge in BTC’s value, with altcoins following suit in due course.
According to the latest update from CoinMarketCap, BTC is currently being traded at $27,580.49, reflecting a slight 0.57% dip in the past 24 hours. On the other hand, USDX managed to register a modest 0.25% increase during the same timeframe.
According to technical indicators on the daily chart of USDX, the index appeared to be in a medium-term bearish cycle as the 9-day EMA line was positioned below the 20-day EMA line. However, there was a recent development in the form of a short-term bullish flag triggered by the daily RSI. In the past 48 hours, the daily RSI line crossed above the daily RSI SMA line, indicating a potential shift in the market.
According to the RSI technical flag, BTC’s price is poised to experience a downward trend within the next 24-48 hours. However, the USDX’s gradual approach towards the support level mentioned earlier is expected to have a contrasting impact on BTC’s price, potentially propelling it to reach $28,700 in the coming days. These insights provide valuable information for investors seeking to make informed decisions in the cryptocurrency market.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
