Justin Bennett Draws Key Levels For Bitcoin, Ethereum, Chainlink & VeChain
Justin Bennett, a prominent crypto market analyst and trader, identifies key support and resistance levels to Bitcoin (BTC), Ethereum (ETH) and two altcoins amid market wide correction.
Bitcoin (BTC)
In a recent Cryptocademy newsletter, Bennett pretty much rules out any parabolic moves for the largest crypto asset for this week.
“I know many are expecting a parabolic move from Bitcoin any day now, but that’s why I’m not putting high hopes on it. The market has a way of humbling the masses.
BTC would need to climb back above $63,300 on a daily closing basis to open up $66,000. Above that is the $70,000 area.
What might be the more likely path in the short term is a move to test the $55,000 region. Whether we get a retest of $63,300 first is anyone’s guess.”
At the time of writing Bitcoin is trading at $56,619, with 6.6% loss on 24-hour chart.
Ethereum (ETH)
According to Bennett, the leading smart contract platform Ethereum (ETH) could retest the $4,000 support level before finally finding support at $3,800.
“ETH is trying to hang onto the $4,200 area that I’ve mentioned a few times recently. A bounce from this area would take Ethereum back to $4,400.
Alternatively, a move below $4,200 would expose the confluence of support between $3,800 and $4,000.
I think the scenario of a $4,000 retest is still very real. Of course, that doesn’t mean it will happen, but I’m prepared for it just in case.”
At the time of writing Ethereum trading at $4,052, with 6.6% loss on the 24-hour chart.
Bennett’s recent tweet confirmed his latest view on “confluence of support” range for ETH, which it should hold.
“ETH is as straightforward as it gets.
Massive confluence of support at $3,800 – $4,000. That’s a must hold area, in my opinion.”
Looking into blockchain oracle Chainlink (LINK), the analyst predict it to finding support at an expected level, but it could dip further down.
“At the moment, LINK is catching some support at $28, as expected.
A close below that would open up $24 and potentially $21.”
At time of writing, LINK is trading at $26.62, with 9.6% loss on the 24-hour chart.
VeChain (VET)
Bennett is also looking into enterprise solution blockchain VeChain (VET). The analyst warns VET holders that “everyone should prepare for a retest of the $0.12 area just in case,” as the altcoin dipped down to $0.175 three days ago. Regardless, he doesn’t seem worried, and remains bullish on the asset.
“VET huge confluence of support around the 0.12 area.
No worries here. Still as bullish as I’ve ever been.”
$VET huge confluence of support around the 0.12 area.
At the time of writing VeChain is trading at $0.1284 with 11.4% loss on the 24-hour chart.
Crypto Market
Bennett is also looking into the wider crypto markets, and along with other crypto market analysts he believes that the current bull cycle will be longer than the previous one.
“TOTAL crypto market cap continues to look good here. The $2.4 trillion area is support.
I don’t know where the next few weeks lead us, but don’t be surprised if this cycle extends well into 2022.
That’s the least expected outcome right now.”
$TOTAL crypto market cap continues to look good here. The $2.4T area is support.
I don't know where the next few weeks lead us, but don't be surprised if this cycle extends well into 2022. That's the least expected outcome right now.#crypto$BTC$ETHpic.twitter.com/1cm4kAd2e1
