Justin Bennett Draws Key Support And Resistance For BTC And ETH
A top crypto analyst and trader, Justin Bennett, looks into Bitcoin (BTC) and Ethereum (ETH) and draws key support and resistance levels.
Bitcoin (BTC)
Bennett writes in the latest Cryptocademy newsletter that as long as Bitcoin (BTC) can stay above the $40,000 support level, a move to $50,000 is in the books.
“Bitcoin looks healthy after bouncing from $42,000 support this week. That’s a support area that stretches toward $40,000 that we’ve discussed for weeks.
Buyers need to take out $46,000 on a daily closing basis to confirm the bullish breakout and open up the $50,000 region. Just keep in mind that the yearly open is $46,200, so that’s going to play a critical role.
I continue to like Bitcoin higher as long as it’s above the $40,000 region.”
At time of writing, BTC is trading at $40,600, down 7.8% on the daily chart.
Ethereum (ETH)
Looking into the second largest crypto asset, Ethereum (ETH), Bennett shows a chart displaying the downtrend that started back in November of last year.
“Ethereum is attempting to break out from a descending channel that extends from the November highs…
You can see how the market carved out a false break/deviation in January. So it’s no surprise to see ETH/USDT trending in the opposite direction.”
According to the analyst there are two important resistance levels that ETH must break in order to show signs that recapturing $3,600 is possible.
“A convincing close above $3,120 would likely keep ETH trending higher. However, I still want to see buyers take out $3,280 to carve that first higher high to expose $3,600.”
