Analyst and trader Jason Pizzino is weighing the possibility of whether the crypto market could experience more downside.
In a new video, Pizzino tells his 332,000 YouTube subscribers that there are “pretty good signs that we may have seen a low” on the downtrend that the total crypto market capitalization has witnessed over the last couple of weeks.
[adinserter block="1"]According to Pizzino, one of the signs is that the total crypto market capitalization’s recent downtrend reversed after reaching the 50% retracement level on the weekly time frame.
“You can see that that bounce came dead on the bull market range – 50%. So that’s exactly what you like to see for a balanced market.”
The crypto analyst also says that the number of weeks it took for the total crypto market capitalization to move from the cycle bottom to the cycle top and back to the 50% retracement level is almost similar.
“Now in terms of time frames as well… you’re getting a similar balance in time here – you’ve had a roughly 21 to 26-week move to the upside. And we’ve just completed a 21-week move to the downside.
So it’s nice to see a balancing of time and on top of that it’s come out on top of the 50% level.”
Pizzino further says that the Crypto Fear & Greed Index and the Volume indicators are further reinforcing his belief that the crypto market correction is potentially over. The Crypto Fear & Greed Index is a tool that gauges the fear or greed levels in the market with a reading of extreme fear indicating oversold conditions and a reading of extreme greed suggesting overbought conditions.
“So a lot of these signals are coming together at a good stage of the market. You’re getting extreme fear show up and then a strong bounce away on very very strong volume.”
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