Popular crypto analyst Justin Bennett is discussing the next levels for Bitcoin (BTC) and Ethereum (ETH) after the pullback. Detail cryptocoin.com‘in.
What’s next for Bitcoin?
Closely followed crypto strategist and trader Justin Bennett is mapping what’s to come for Bitcoin (BTC) and Ethereum (ETH) as the crypto markets show signs of uncertainty. In a new strategy session, Bennett says that Bitcoin must surpass a crucial critical resistance level to pave the way for a recovery above $50,000. The analyst says:
What it will take from Bitcoin right now is above the $46,000 area to confirm the breakout…, turn that area to support. Now $46,200 will be key because that’s the annual deficit…So, $46,200 will be absolutely critical. We need to see Bitcoin close above that to confirm the breakout. If it does and we see a daily close above $46,200, this area [45,659 ile 46,215 dolar] It becomes support and the next stop is between $50,000 and $53,000.
Bennett also says that Bitcoin could potentially withdraw before takeoff. He thinks there’s a good chance we’ll see a pullback to support here, around $42,000, perhaps just below, before Bitcoin takes this move higher, the analyst says. Bitcoin is trading at $43,385 at the time of writing. Turning to Ethereum, Bennett says the second-largest crypto-asset by market cap must support the $3,200 resistance level to rise further. Analyst says:
Ethereum has to climb above the trendline here, around $3,200, maybe $3,250. Therefore, it needs to clear this area on a daily close basis to support and expose $3,600. Meanwhile, if we see a pullback, keep an eye on $2,800 to $2,900.
Bennett is also considering the possibility of a bullish pattern emerging for Ethereum. “Also, remember that if we see a bounce from there, if we see a pullback to this area ($2,800 – $2,900), we have a chance, then look what we can create here: inverted head and shoulders,” the analyst says. Traders view the inverse head and shoulders formation as a bullish pattern that indicates a major market reversal is on the horizon. Ethereum is trading at $2,943 at the time of writing.
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