Closely followed crypto strategist and trader Justin Bennett plans the future of Bitcoin (BTC) and Ethereum (ETH) as the crypto market shows signs of uncertainty.
In a new strategic session, Bennett said Bitcoin needs to overcome critical resistance levels to pave the way for a recovery above $ 50,000.
“Now you can get from Bitcoin just above the $ 46,000 area … to see the breakout, turn it over and support it. It’s open every year, so now $ 46,200 is the key. Become…
Therefore, $ 46,200 is absolutely important. To see the breakout, you need to see Bitcoin just above it.If so, if you see closing prices above $ 46,200 daily, this area is [$45,659 to $46,215] With support, your next destination will be from $ 50,000 to $ 53,000. “
Bennett also states that Bitcoin could potentially retrace before it takes off.
“”But I also think it’s likely that we can see a pullback to support here before we make that move higher, probably just below that about $ 42,000... “
At the time of writing, Bitcoin is trading at $ 43,385.
Turning to Ethereum, Bennett says that the second-largest crypto asset by market capitalization needs to change its resistance level by $ 3,200 to support it to surge higher.
“Ethereum needs to break this trendline and rise by about $ 3,200, perhaps $ 3,250. Therefore, to reverse this area to support and publish $ 3,600, we should move this area on a daily closing basis. Must be cleared. In the meantime, if you see a pullback, pay attention to $ 2,800 to $ 2,900. “
Bennett is also looking at the possibility of a bullish pattern on Ethereum.
“Also keep in mind that if you see a pull back into this area, you may see a bounce from it. [$2,800 – $2,900], Then look at what can be formed here. Turn your head and shoulders upside down.
Traders see the reverse head and shoulder formation as a bullish pattern, indicating that a major market reversal is visible.
Ethereum is trading at $ 2,943 at the time of writing.
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors need to do due diligence before making risky investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfer and transaction is your own responsibility and any loss you may incur is your responsibility. Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets. Also, Daily Hodl is not an investment adviser. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock / wacomka