Widely followed analyst and trader Jason Pizzino is mapping out the path forward for three large-cap crypto assets.
“We can be macro bullish looking at the market continuing to go up, but there is going to be pullbacks. There just has to be pullbacks.
And the key thing here that I’ve been trying to get across is, where does this low come in? At the moment, from what we’re seeing with the indicators, it looks like we can expect a higher low…
If the market lows anywhere above this previous level of between $15,000 and $18,000, if it lows in the zone and then moves away, the bears were absolutely wrong because the market did not break down. That essentially is a higher low.”
Pizzino, who believes Bitcoin will likely resume its uptrend once it hits a higher low, says his bullish thesis will be invalidated if and when the $15,000 BTC support level crumbles.
At time of writing, Bitcoin is trading for $20,458.
“It’s [Solana] been a great short lately. It didn’t get anywhere near the August top. So that was a very clear sign of weakness for a longer-term position.”
Looking at the analyst’s chart, he appears to think that Solana is likely headed to support at around $12.50. At time of writing, SOL is worth $18.53.
In the case of Cardano (ADA), Pizzino says that the seventh-largest crypto asset by market cap is looking “weak” just like Solana after failing to form a higher high relative to the August 2022 top.
“The likes of Cardano did not make it. The August tops are well and truly far away from them at $0.60 here. [ADA] only managed to make it to $0.40, currently at $0.30.
It was putting in new lows in January when other markets like Bitcoin and ETH were putting in higher lows. That’s the difference between a weak longer-term position and a strong longer-term position.”
At time of writing, ADA is trading for $0.32.
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