A widely followed cryptocurrency trader charts Bitcoin (BTC) and Ethereum (ETH).
In the latest edition of the Cryptocademy newsletter, analyst Justin Bennett says BTC is teetering between support levels.
“Bitcoin tried to recapture $23,450 but failed. BTC also closed below $23,000. It could be a problem for Larry.
BTC’s next critical support is at $22,400 followed by the $21,600 level.
BTC needs to regain $23,000 and $23,450 on a daily closing basis to be constructive again. ”
BTC is trading at $23,114 at the time of writing.
Ethereum’s current value of $1,650 should come as no surprise to Bennett, who says ETH is weak below $1,700.
“ETH is still very flat and looks relatively weak while below $1,700. A close below this level over the weekend is still acting as a fake.
For now, the $1,520 area could serve as a key support for ETH if the market pulls back this week. Below it, $1,420 will open again.
Ethereum needs to close the day above $1,700 to be constructive again. Until then, the market will continue to come under pressure. ”
Analyzing cryptocurrency market capitalization (TOTAL), an indicator of market strength, Bennett suggested that cryptocurrency market capitalization could rise toward the $1.15 trillion level. I’m here.
“TOTAL is barely holding the $1.35 trillion support level. The market tried to recoup $1.05 trillion today but failed.
If $1.35 trillion collapses this week and the day closes below that, it would likely head towards $985 billion, if not a full retracement to $960 billion.
Alternatively, a rally from $1.35 trillion and a recovery of over $1.5 trillion would be bullish for the cryptocurrency market, opening the door to $1.15 trillion. ”
According to CoinMarketCap, TOTAL is now at $1.7 trillion.
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