- Youtuber Michael Pizzino analyses the macro-market structure with BTC and other altcoins.
- More than seven consecutive bars signify there could be a major trend reversal or consolidation, Pizzino says.
- 0.5 Fib retracement supports BTC while ETH tries to break above it.
Youtuber Michael Pizzino tweeted a link to a video wherein he analyses the macro market structure along with Bitcoin and many of the favorite altcoins of today. Addressing the high hopes that the masses have in some coins, Pizzino stated that it was only the marketing companies outplaying the masses. Making an eye-opening statement, Pizzino stated:
A big cloud remains over Crypto but Bitcoin ≠ Cryptocurrency. Altcoins are still trading below their major support zone, and many crowd favorites of this cycle WILL NOT make it.
Narrowing down his observation on BTC dominance in the market, Pizzino stated that if there were seven or more consecutive red or green bars, then there was a trend reversal or at least a period of consolidation.
Furthermore, cementing his argument, Pizzino demonstrated his observation by highlighting the consecutive 11 bars which were followed by a period of consolidation, and the 8 red bars which were followed by an uptrend.
Shifting his attention to the Altcoin market, Pizzino stated that the overall Altcoin market cap was also on a downtrend.
The analyst further stated that irrespective of the timeframe, the altcoins were all going downhill. However, he made an exception on the monthly chart.
Scrutinizing BTC, Pizzino stated that it was teasing the $26.6K, support level. If BTC manages to hold above this support level, then he expects it to test the $27K which is also the top of the trend line as shown in the chart. Additionally, Pizzino pointed out that BTC’s previous top or resistance levels were holding up as good support levels, as shown in the chart.
In the event that BTC breaks the $26.6K level, it may form a new lower low that could be close to the lower trend line at the $23K level.
With regard to Ethereum, the Youtuber stated that it was on a downtrend in the weekly and daily chart. Giving more insights into Ethereum, Pizzino claimed that there was heavy resistance at the $1,750 level.
Moreover, he stated that the previous lows of ETH were holding up as new highs. As such, if ETH was to break below the 0.5 fib retracement level, then, it would test the lower trend line once again. However, if it holds up, ETH may reach $1900. Simultaneously, in the listicle of coins that the analyst made observations were Solana, Polygon, XRP, Gala, Render, and Pepe.
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