Crypto analyst Jason Pizzino is urging caution on Bitcoin (BTC) amid an uptick in the price of the flagship crypto asset.
Pizzino tells his 284,000 YouTube subscribers that Bitcoin is unlikely to hit new highs after rallying by about 5% from its April low.
“I don’t think we’re out of the Woods here, I don’t think we are about to go up into new highs because we haven’t broken past this level at $28,500 and the 50% [Fibonacci retracement level] level which is now $29,337.
Bitcoin still needs to get back above those levels for the short-term strength to come into the market so it can attempt to break $30,000 and $31,000 again.
For now this all looks like it’s a bit of a rally into a diagonal resistance.”
Bitcoin is trading at $28,804 at time of writing, up by 5.7% from the one-month low of around $27,250.
According to Pizzino, Bitcoin is likely to retrace downwards to continue the downtrend that ensued after BTC’s nearly 100% rally in five months.
“We have spent five months going up. Unless this is a last Hail Mary attempt to take the tops out, I don’t expect this to be that price to the upside. It’s just a bit of a pity bounce before we continue to the downside…
Prices to watch: $26,500, $25,300 and $23,900, around $24,000 level.”
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