Cryptocurrency trader Justin Bennett reveals the direction of Bitcoin (BTC), Ethereum (ETH) and the two currencies in the coming days and weeks.
Starting with Bitcoin, Bennett told his 7,820 subscribers that the first level of resistance he will face if the major cryptocurrency continues to rise is $45,600.
According to Bennett, Bitcoin could surpass $50,000 when the $45,600 resistance becomes a support area.
Bennett says bitcoin could rise more than 35% from its current level by the end of the year if a “more bullish scenario” materializes.
“Looking at Bitcoin above $45,600 and testing $53,000 and even $50,000 here, we can successfully set an opposite head and shoulders above $60,000 later this year.”
Cryptocurrency analysts and traders say they are bullish on Bitcoin as long as prices “exceed the $40,000 to $42,000 range.”
At the time of writing, Bitcoin is trading at $43,809.
Looking at Ethereum, Bennett says that the current resistance level for the second largest cryptocurrency by market capitalization is around $3,170 and the next cryptocurrency is around $3,600.
“A rotation to $3,170 would cause a bounce and attract buyers. Currently, the next resistance area to watch for Ethereum would be around $3,600.”
According to Bennett, Ethereum needs to close above $4,000 on the weekly chart to see an upward trend.
“Now, $4,000 will be a big test for Ethereum…
You need to go back to the top of this area [$4,000] To turn to climb again. “
Ethereum is trading at $3,358 at the time of writing.
Next up is CRO, the original token of the Crypto.com blockchain. It is a cryptocurrency platform that offers a wide range of consumer services and products, including payments, cryptocurrency exchanges, crypto wallets, debit cards, and decentralized finance.
Bennett says that the CRO must first break above the $0.50 resistance on the daily chart in order to be bullish in the short term.
“So, the CRO should come back above $0.50. Therefore, this will likely create a confluence of resistances between $0.50 and $0.53, and the CRO will return to the support at $0.65. You have to cross that every day to post.”
Therefore, $0.65 is the next resistance level after the $0.50-$0.53 range…
The market must rise above $0.50 to $0.53 to turn bullish again to $0.65.
If you see less rotation from this area [around $0.48]Notice its support of $0.40. “
The CRO is trading at $0.486 at the time of writing.
Next up is VET, a native token for VeChain, an enterprise supply chain management blockchain.
VETs could rise to $0.12, according to Bennett, but below $0.065 could signal the start of a downtrend.
“VET still has to come back above this area around $0.088. Well if it closes above this, [$0.088]Here it could rise towards $0.10. This will be the next important level…
Around $0.09 above this area, you are likely to see $0.10. Above that is the area just over $0.12…
VET basics range from about $0.06 to $0.065. We want the area to continue on a daily and weekly closing basis [$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 need to do their due diligence before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfer and transactions are 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 Hoddle is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.
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