Jason Pizzino, an analyst and trader, is considering the likelihood that the cryptomarket could see more decline.
Pizzino, in a video posted on YouTube today, tells 332,000 subscribers there are some “good signs” that indicate the crypto market’s total capitalization may be at a bottom.
Pizzino says that one sign is the recent downward trend in the crypto market’s capitalization has reversed since reaching the 50% level of retracement on the weekly timeframe.
You can clearly see the bounce was right on top of the bull market range, i.e. 50%. This is exactly the kind of market you want to see. .”
Crypto analyst says the same thing, stating that it takes the crypto market cap almost the same number of weeks to go from cycle bottom to cycle top to 50% retracement.
In terms of the time frame, you get a similar result – you have had an upward move for roughly 21-26 weeks. We’ve completed a move of 21 weeks to the downside.
It’s great to see the time balance and, on top that, it has surpassed 50%.”
Pizzino also says that the Crypto fear & greed index and the volume indicators further reinforce his belief that the correction in the crypto market is possibly over. The Crypto Fear & Greed Index measures the level of fear and greed in the crypto market. Extreme fear indicates oversold markets, while extreme greed suggests overbought ones.
You’re getting extreme fear show up and then a strong bounce away on very, very high volume. There’s a lot of fear and then there is a very, very big bounce on incredibly high volume .”
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Post Is Crypto Market at Bottom? The post Here’s what Various Signals Suggest, according to Analyst Jason Pizzino could be updated as new information becomes available.
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