Jason Pizzino, a popular trader and analyst is hopeful about Bitcoin (BTC) rally, which could be higher if the flagship crypto asset sustains the prevailing momentum.
Pizzano tell 267,000 Youtube subscribers that bitcoin would hit the higher highs after overcoming the key resistance levels, which currently Bitcoin is trading at $31,621 respectively.
If we get above these resistance levels, consolidate and continue to move higher with higher highs and higher lows, then the next key level is $48,000 and the $52,000 levels.
He further adds to this saying bitcoin requires much work to do at the lower levels, as we are getting too far ahead of ourselves to even contemplate getting to the high $40,000s or even low $50,000s.
The Bitcoin needs to overcome from the first two resistance levels to reach the higher highs are $32,800 and $34,500 respectively.
“The 50 [fibonacci retracement level] which is just above that is $32,700. So far a round number above that $32,800. So that our first level is $32,000 and the next level is the most critical level. So $34,500 that’s our major 50 [Fibonacci retracement] level from the all-time high [of $69,044] to zero. So far we have $32,800 and we have $34,500.”
In addition Pizzano also gets into notice about the third resistance level which is around the $38,000 price. It is actually about $37,500 and for a round number above that could be considered as $38,00.
Thus, the three resistance levels we are looking at now are recorded as , the first one which is around $32,800 and next comes around $34,500. then here is the third level around $38,000.
Considering this the crypto analysts say that the bitcoin would surge to the higher after consolidating above the third resistance level which is $38,000.
Quoting: “If we overcome all of these [resistance levels] sooner rather than later, then we start to climb back above those levels to consolidate above the $38,000 level and work our way higher.”