Crypto trader Justin Bennett reveals where he sees Bitcoin (BTC), Ethereum (ETH) and two altcoins in the coming days and weeks.
Starting with Bitcoin, Bennett told his 7,820 YouTube subscribers that the first resistance level the major cryptocurrency will face if it continues to rise is at $45,600.
According to Bennett, if the $45,600 resistance becomes a support area, Bitcoin could rise above $50,000.
Bennett says that if a “more bullish scenario” materializes, bitcoin could rise more than 35% from current levels later in the year.
“If we see Bitcoin break above $45,600, test $53,000 or even $50,000 here, it could very well lead to an inverted head and shoulders formation as we get a move above $60,000 later this year.”
Cryptocurrency analyst and trader says he is bullish on Bitcoin as long as the price remains “above the $40,000 to $42,000 region.”
Bitcoin is trading at $43,809 at the time of writing.
Turning to Ethereum, Bennett says that the current resistance level for the second largest cryptocurrency by market capitalization is around $3,170 while the next level is around $3,600.
“Any rotation to $3,170 would trigger a bounce, and should attract buyers. Now the next resistance area to watch for Ethereum will be around $3,600.”
According to Bennett, Ethereum will need to close above the $4,000 price on the weekly chart to confirm an upward trend.
“Now $4000 will be the big test for Ethereum…
She will have to go back over this area [$4,000] In order to turn to the upside again.”
Ethereum is trading at $3,358 at the time of writing.
Next up is CRO, the original token of the Crypto.com blockchain, a cryptocurrency platform that offers a wide range of consumer services and products including payments, cryptocurrency exchanges, crypto wallets, debit cards, and decentralized finance.
In order for the CRO to turn bullish in the short-term, Bennett says, it must first break the $0.50 resistance level on the daily chart.
“So the CRO has to go back above $0.50. So this creates a confluence of resistance probably between $0.50 and $0.53 as the CRO has to come back above this on a daily close basis to flip it back to support and expose $0.65 as well.
So $0.65 will be the next resistance level above the $0.50-$0.53 region…
The market should cross $0.50 to $0.53 to turn bullish again towards $0.65.
If we see less rotation from this region [around $0.48]Keep an eye out for this $0.40 support. “
CRO is trading at $0.486 at the time of writing.
Next up is VET, the original token for VeChain, an enterprise supply chain management blockchain.
Bennett says VET could rise to $0.12 but a break below $0.065 could signal the start of a downtrend.
“VET still has to come back above this area around $0.088. Now if it were to close above this [$0.088]There is a chance that we will see a rally here towards $0.10, and that will be the next major level…
Right above this area around $0.09, we might see $0.10. Above that is the area just above $0.12…
The value of the VET should be around $0.06 to $0.065. We want to see this area hold on a daily and weekly closing basis. Anything less than this [$0.06]Things can get ugly. “
VET is trading at $0.082 at the time of writing.
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should perform their due diligence before making any high-risk investments in bitcoin, cryptocurrencies, or digital assets. Please be aware that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrency or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.
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