Justin Bennett Draws Key Levels For Bitcoin (BTC) And Ethereum (ETH)

Crypto analyst Justin Bennett looks into Bitcoin (BTC) and Ethereum (ETH) identifies key support and resistance levels.

Bitcoin (BTC)

In a recent video update, the analyst shared with his subscribers on YouTube that if Bitcoin clears the $42,000 resistance level, it could go all the way to $53,000.

“This area between $35,000 and $36,000 is support and $40,000 to $42,000 is resistance. Now as I have said recently, the market would have to get above $42,000 to expose $45,000 to $46,000, followed by that $50,000 to $53,000 resistance area.”

For the past two days Bitcoin has been trading close to $42,000, which gives Bennett confidence that BTC is coming close to igniting a rally.

“I continue to like the idea guys of a significant bounce here over the coming weeks. It’s taken longer than I thought it would, but sometimes that’s the way it goes.”

At the time of writing Bitcoin is trading at $41,760.

Ethereum (ETH)

Looking into Ethereum, Bennett has two possible scenarios for second largest crypto asset by market cap.

“If we were to see Ethereum close back below this level here ($2,500) where it’s testing today, then $2,200 would be next…

If we were to see Bitcoin take out $35,000 support and go down to test $30,000, then Ethereum could come down and test $2,000…

Now on the flip side if we see a close above this area up here, right around $2,900, then $3,100 to $3,200 would be next.”

At the time of writing, Ethereum is trading at $3,003.