Crypto analyst Justin Bennett talked about the latest status of Bitcoin (BTC) and Ethereum (ETH).
Bennett says that for Bitcoin to retrace above $50,000, it must surpass a critical resistance level.
“Currently $46,000 needs to be surpassed, $46,200 is key.
We need to see Bitcoin hit above 46,200. If we see a daily close above this level, the support of this area will be between $45,659 and $46,124, and the next stop is between $50,000 and $53,000”
Bitcoin is trading at $42,814 at the time of writing.
Bennett also spoke about Ethereum. According to him, support of the $3,200 resistance level is needed for the asset to rise further.
“Ethereum is $3,200 maybe $3,250 if it should break above the trendline here. Therefore, this needs to be caught on a daily close basis to support $3,600. If we see a pullback, keep an eye on $2,800 to $2,900”
Ethereum is trading at $2,940 at the time of writing.
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