BTC<\/a>) could\u2019ve already bottomed and are getting ready to rally.<\/p>\nIn a new strategy session, Pizzino tells his 290,000 YouTube subscribers that he\u2019s watching the consumer confidence index (CCI), which tracks households\u2019 outlook on potential future economic development based on monthly surveys.<\/p>\n
Citing data from Sentimentrader, Pizzino says that the CCI essentially acts as a contrarian indicator for the stock market, with downward-moving CCI readings signaling future market growth and upward-moving readings suggesting exuberance.<\/p>\n
\u201cLike many sentiment indicators, it\u2019s a contrarian indicator. High readings as the masses become overly bearish and reversals from high readings tend to be bullish for stocks, so you want to see reversals from higher readings. The masses were very very bearish at the bottom.\u201d<\/em><\/p>\nWith CCI in the midst of confirming a reversal and crossing below the 70 level, Pizzino says that based on history, stocks and cryptocurrencies should be moving up in the next three to six months, which would be the \u201cmax pain\u201d move and could send Bitcoin \u201coff to the races.\u201d<\/p>\n
\u201cA lot of the data is suggesting these markets are going to be up in the next, potentially, three to six months. Three to six months from now, it\u2019s not that far away. Day-to-day, it\u2019s anyone\u2019s guess, but longer term, everything is looking pretty well up.\u201d<\/em><\/p>\nLooking at Bitcoin, Pizzino says that a modest move to key support levels is more likely than a dramatic collapse to much lower prices. He says he would use a correction to the $23,000 level as a \u201cbuy the dip opportunity.\u201d<\/p>\n
\u201cIs it going to be that collapse to the downside that I think a lot of people are waiting for? This collapse past $19,500 or $15,500? It doesn\u2019t seem so at this stage. Can it happen for Bitcoin? Of course, there\u2019s always going to be any sort of possibility of wicks when liquidity is dry, and it\u2019s especially dry when the market is quiet and you\u2019re getting those small trading ranges, compared to a move to the downside and the moves to the upside.<\/em><\/p>\nBut in terms of the closing basis, on multiple weekly and monthly [candles], at this stage, it\u2019s looking unlikely that we\u2019re going to start closing under these levels to put in new fresh lows, based on timing, based price, based on history, it doesn\u2019t seem likely.\u201d<\/em><\/p>\n