Popular crypto trader and market analyst Jason Pizzino says Bitcoin must hold a crucial price level to have a shot at rallying to $47,000.\u00a0<\/span><\/p>\n

In a new video, he <\/span>stresses<\/span><\/a> that despite the recent surge in bullish momentum, BTC still needs to consolidate above a key support area in order to avoid a bull trap.\u00a0<\/span><\/p>\n

\u201cWe\u2019re not out of the woods just yet. We are needing to hold and consolidate above our major zones. So [the] major [zone] is around the $36,000 level\u2026You can see a lot of our 50% levels coming out at $35,000, and we have tops at $36,000. So if we can consolidate above that, that\u2019s gonna give us strength to move to the next stage, the next stepping stone, which is around $42,000, and then the next stepping stone at $47,000.\u201d<\/span><\/i><\/p>\n

At time of writing, Bitcoin is trading at $39,727, according to CoinGecko.<\/p>\n

Taking a look at smart contract platform Cardano (ADA), Pizzino says the altcoin is continuing to show signs of weakness against Bitcoin.\u00a0<\/span><\/p>\n

\u201cThe idea here is that we wanna be trading or buying into an uptrend. The [ADA\/BTC] chart is still in a downtrend. This [0.000033 BTC ($1.30) level] looks like it\u2019s really trying to hold, get it into a green day and start to hold some BTC levels. It\u2019s really trying, but we just don\u2019t get that pushback. So Cardano against Bitcoin is still trending down.\u201d<\/span><\/i><\/p>\n

Looking at ADA\/USD, Pizzino says<\/a> that while the pair is showing some strength, it needs to move above a crucial resistance level to sustain its bullishness.<\/p>\n

\u201cCardano\/USD, of course, is trending up because Bitcoin\/USD is up\u2026 We just broke through 50% ($1.26 level)\u2026 We need to stay above $1.30 and hold that to have some hope\u2026<\/em><\/p>\n

And I\u2019m looking at a bit more of a longer-term time frame than just the daily or the four-hourly. I\u2019m waiting for a solid low to be put in and then we start to break up again.\u201d<\/span><\/i><\/p>\n

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Featured Image: Shutterstock\/Charming Decor Art<\/span><\/em><\/p>\n<\/p><\/div>\n