Cryptocurrency trader Justin Bennett is revealing where he sees Bitcoin (BTC), Ethereum (ETH) and two altcoins heading in the coming days and weeks.
Starting with Bitcoin, Bennett tells his 7,820 YouTube subscribers that the first resistance level the flagship cryptocurrency will come up against if it keeps going up is at $45,600.
According to Bennett, if the $45,600 resistance level becomes a support area, then Bitcoin could rally to above $50,000.
Bennett says that if a “more bullish scenario” is realized, Bitcoin could surge by over 35% from current levels later in the year.
“If we were to see Bitcoin get above $45,600, test $53,000 or even $50,000 up here then that could very well set up an inverse head and shoulders where we get a move up above $60,000 later this year.”
The cryptocurrency analyst and trader says he is bullish on Bitcoin as long as the price stays “above that $40,000 to $42,000 area.”
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 cap is around $3,170 while the next one is around $3,600.
“Any rotation into $3,170 should trigger a bounce, it should attract buyers. Now the next resistance area to watch for Ethereum is going to be right around $3,600.”
According to Bennett, Ethereum will need to close above the $4,000 price on the weekly chart to confirm a bullish trend.
“Now $4,000 is going to be the big test for Ethereum…
It’s going to have to get back above this area [$4,000] in order to turn bullish again.”
Ethereum is trading at $3,358 at the time of writing.
Next up is CRO, the native token of the Crypto.com blockchain, a cryptocurrency platform that offers a broad range of consumer services and products including payments, a crypto exchange, a crypto wallet, debit cards and decentralized finance.
Bennett says that for CRO to turn bullish in the short term, it has to break above the $0.50 resistance level on the daily chart first.
“So CRO has to get back above $0.50. So this creates a confluence of resistance right between maybe $0.50 and $0.53 to where CRO has to get back above this on a daily closing basis to flip it back to support and also expose $0.65.
So $0.65 would be the next resistance level above that $0.50 to $0.53 area…
The market has to get above $0.50 to $0.53 to turn bullish again up towards $0.65.
If we do see a rotation lower from this area [around $0.48], keep an eye on that $0.40 support.”
CRO is trading at $0.486 at the time of writing.
Next up is VET, the native token of VeChain, an enterprise supply chain management blockchain.
Bennett says that VET could rally to $0.12 but breaking below $0.065 could mean the beginning of a bearish trend.
“VET still has to get back above this area right around $0.088. Now if it were to close above this [$0.088], there’s a chance we could see a move up here toward $0.10, that’s going to be the next key level…
Above this area right around $0.09 we probably see $0.10. Above that is the region just above $0.12…
The must-hold for VET is going to be right around $0.06 to $0.065. We want to see that area hold out on a daily and weekly closing basis. Anything below this [$0.06], things could get ugly.”
VET is trading at $0.082 at the time of writing.