Analyst Justin Bennett reveals where he sees Bitcoin (BTC), Ethereum (ETH) and two altcoins in the coming days and weeks.
Start with Bitcoin, Bennett to speak its 7,820 YouTube subscribers that the first resistance the top cryptocurrency has to overcome is at $45,600.
According to Bennett, Bitcoin can surge above $50,000 if $45,600 resistance turns to support.
Bennett said Bitcoin could surge more than 35% from current levels if the “more bullish scenario” materializes.
“If we see bitcoin surge above $45,600 aim for $50,000 or even $53,000. This move will establish an inverse head and shoulders pattern with a target on completing the $60,000 region.”
The analyst said he is bullish on Bitcoin as long as the price stays “above the $40,000-$42,000 zone.”
BTC/USDT daily chart | Source: TradingView/Bennett
Bitcoin is trading at $43,009 at press time.
Moving on to Ethereum, Bennett says that the key support for the second-largest cryptocurrency by market cap currently sits at $3,170, while resistance sits around $3,600.
“Any correction towards $3,170 will trigger a bounce. Now the next resistance to watch is $3,600.”
According to Bennett, Ethereum needs to close above $4,000 on the weekly chart to confirm the continuation of the long-term uptrend.
“Now $4,000 will be the big challenge for Ethereum…
Must return to this area [$ 4.000] to confirm the continuation of the uptrend”.
ETH/USDT daily chart | Source: TradingView/Bennett
Ethereum is trading at $3,308 at press time.
Next is CRO, the native token of the Crypto.com blockchain, a cryptocurrency platform that offers a wide range of consumer products and services, including payments, crypto trading, crypto wallets, debit cards, and decentralized government accounts.
Bennett says that to be bullish in the short-term, CRO must first break the $0.50 resistance on the daily chart.
“CRO needs to reclaim and flip $0.50 to support a trend reversal to the upside.
If so, $0.65 will be the next resistance…
A rejection of this level could see it drop to the next support area at $0.40.”
Daily CRO/USDT chart | Source: TradingView/Bennett
CRO is trading at $0.486 at the time of writing.
Next is VET, the native token of VeChain, an enterprise supply chain management blockchain.
Bennett says VET could rise to $0.12 but a break below $0.065 could confirm the next phase of the downtrend.
“VET has bounced off a strong support area. If it closes above $0.088 now, it is likely that we will see a rally to $0.10, which will be the next key level…
Above this zone, VET can advance towards $0.12…
The $0.06 to $0.065 zone is the key area for the bulls to hold onto. Any movement below [$ 0,06] That makes things worse.”
Daily VET/USDT Chart | Source: TradingView/Bennett
VET is trading at $0.078 at press time.
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