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Popular crypto trader and market analyst Jason Pizzino says Bitcoin must hold a crucial price level to have a shot at rallying to $47,000.
In a new video, he stresses that despite the recent surge in bullish momentum, BTC still needs to consolidate above a key support area in order to avoid a bull trap.
“We’re not out of the woods just yet. We are needing to hold and consolidate above our major zones. So [the] major [zone] is around the $36,000 level…You can see a lot of our 50% levels coming out at $35,000, and we have tops at $36,000. So if we can consolidate above that, that’s gonna give us strength to move to the next stage, the next stepping stone, which is around $42,000, and then the next stepping stone at $47,000.”
At time of writing, Bitcoin is trading at $39,727, according to CoinGecko.
Taking a look at smart contract platform Cardano (ADA), Pizzino says the altcoin is continuing to show signs of weakness against Bitcoin.
“The idea here is that we wanna be trading or buying into an uptrend. The [ADA/BTC] chart is still in a downtrend. This [0.000033 BTC ($1.30) level] looks like it’s really trying to hold, get it into a green day and start to hold some BTC levels. It’s really trying, but we just don’t get that pushback. So Cardano against Bitcoin is still trending down.”
Looking at ADA/USD, Pizzino says that while the pair is showing some strength, it needs to move above a crucial resistance level to sustain its bullishness.
“Cardano/USD, of course, is trending up because Bitcoin/USD is up… We just broke through 50% ($1.26 level)… We need to stay above $1.30 and hold that to have some hope…
And I’m looking at a bit more of a longer-term time frame than just the daily or the four-hourly. I’m waiting for a solid low to be put in and then we start to break up again.”