Crypto analyst Justin Bennett analyzed the recent chart movements of the two leading crypto assets, BTC and ETH, and outlined the levels they must reach to confirm bullish breakouts.
![](https://www.koinfinans.com/wp-content/uploads/2021/03/binance10.jpg)
In the latest issue of the Cryptocademy newsletter, Bennett said that as long as Bitcoin (BTC) can hold the $40,000 support level, reaching $50,000 is possible for the leading crypto.
“Bitcoin looks healthy after bouncing from the $42,000 support this week. This is a support area extending to $40,000 that we’ve been discussing for weeks.
Buyers need to take $46,000 on a daily close basis to confirm a bullish breakout and open the $50,000 zone.
Just remember that the annual opening is $46,200, so this level will play a critical role. I continue to like Bitcoin more as long as it is above the $40,000 zone.”
![](https://www.koinfinans.com/wp-content/uploads/2022/02/btc-1.png)
At the time of writing, Bitcoin is down 3.35% to trade at $41,956. BTC fell below $42,000 for the first time since Sunday.
Also examining the leading smart contract platform Ethereum (ETH), Bennett shared a chart highlighting the bearish trend of ETH dating back to November last year.
“Ethereum is trying to exit a descending channel stretching from the November highs…
You can see how the market made a false breakout/divergence in January. Therefore, it is not surprising to see ETH/USDT trending in the opposite direction.”
The crypto guru said there are two key resistance lines that ETH must cross to convince itself that it can recapture $3,600.
“A convincing close above $3,120 is likely to keep ETH higher. However, I would still like to see buyers take out $3,280 to create the first higher high that revealed $3,600.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.