Crypto trader and analyst Jason Pizzino has recently shared his technical analysis for Bitcoin (BTC) on his YouTube channel, where he discussed the current state of altcoins and the US Dollar Index (USDX). According to Pizzino, altcoins are currently experiencing a short-term bearish period, which is necessary before the market can enter into the next bull run. He also mentioned that the crypto fear and greed index has attempted to break a key resistance level at around 80, but has since retraced slightly. Pizzino predicts that another pullback will occur to stabilize market sentiment, which is currently in extreme greed territory.
Pizzino’s analysis also included the USDX, which is currently resting on a key support level at 100.2. A weakening dollar is favorable for the entire crypto market, and Pizzino predicts that a break below this support line will result in BTC’s price climbing in the medium-to-long term, as well as altcoins following suit thereafter. At the time of writing, CoinMarketCap indicated that BTC was trading at $27,580.49 after a 0.57% loss over the previous 24 hours. Meanwhile, USDX was able to print a small 0.25% gain during the same period.
The technical indicators on USDX’s daily chart had suggested that the index was in a medium-term bearish cycle, as the 9-day EMA line was trading below the 20-day EMA line. However, the daily RSI had recently triggered a short-term bullish flag, with the daily RSI line crossing above the daily RSI SMA line in the past 48 hours. This RSI technical flag suggests that BTC’s price will continue to fall in the next 24-48 hours. On the other hand, the USDX edging closer to the aforementioned support level will have an inverse effect on BTC’s price, causing it to climb to $28,700 in the following days.
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