Tag: Justin Bennett

Bitcoin (BTC) and Ethereum (ETH) Breakouts on the Horizon, According to Top Crypto Analyst

by Dailyhodl

A widely-followed crypto analyst says leading digital assets Bitcoin (BTC) and Ethereum (ETH) are setting up for breakouts.

In a new YouTube update, crypto trader Justin Bennett tells his 9,600 subscribers that Bitcoin is on the verge of a massive reversal.

“Right now we have step one of the reversal taking shape. I also want to talk about the volume here before we go to step two because the volume is starting to increase.

The other day I mentioned that it was likely we’d see a rotation lower down here into support potentially around $35,000-$36,000, and we did see a low right around $36,000. The reason I thought we’d get that rotation is because if you look at the volume here during this latest relief rally, when the market was making higher highs and higher lows like this, the volume was decreasing, which hinted at a lack of conviction from buyers. Today we are seeing the volume start to break that trend, which is great to see.”

Bennett highlights how Bitcoin has already broken out from its relative strength indicator (RSI) trendline, a momentum indicator measuring the magnitude of price changes to analyze overbought or oversold conditions. Bennett says BTC breaking from its RSI trendline is step one of Bitcoin’s reversal breakout.

“The second step to confirming this breakout, and we’ve already seen the RSI [relative strength indicator] breakout from this trendline, which was step one, step two is going to be close above $40,000 to $42,000. A close above $40,000 would be great, however, I really want to see a close above $42,000…

It doesn’t have to happen today, but we do need to see a daily close and especially if we got a weekly close this Sunday above $42,000, that would really confirm the reversal for me, [it would] expose $45,000-$46,000 and probably $50,000.”

Though Bennett is confident BTC is on the edge of major gains, he says it could still take the leading crypto asset by market cap some time to complete the reversal.

“I would be surprised to see Bitcoin punch through it in one or two days, it could take a few days here, but the momentum right now is pretty strong… I would not be surprised at all to see over the coming days Bitcoin close back above that area, flip it back to support, fake out everyone who thought it was going to $30,000…

If it did close above $42,000, that would confirm the bullish breakout for me now.”

Bitcoin is trading for $45,362 at time of writing, up 3.27% on the day.

Bennett also foresees an impending breakout for leading smart contract platform Ethereum.

“ETH is going for the breakout.  

Needs a daily close above [$3,256] to confirm.”

Image
Source: JustinBennettFX/Twitter

Ethereum is currently trading for $3,210.89, just south of Bennett’s daily close target for ETH.

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Top Analyst Updates Outlook on Bitcoin and Ethereum, Says BTC Needs To Break Above This Price To Surge Higher

by Dailyhodl

Popular crypto analyst Justin Bennett is updating his outlook on the two largest crypto assets by market cap.

Starting with Bitcoin (BTC), Bennett says that the flagship cryptocurrency could surge by up to 40% if it manages to break above the $42,000 resistance level.

“This area between $35,000 and $36,000 is support and $40,000 to $42,000 is resistance. Now as I have said recently, the market would have to get above $42,000 to expose $45,000 to $46,000, followed by that $50,000 to $53,000 resistance area.”

With Bitcoin now threatening to breach resistance at $42,000, Bennett believes that a strong relief rally is on the horizon for BTC.

“I continue to like the idea guys of a significant bounce here over the coming weeks. It’s taken longer than I thought it would, but sometimes that’s the way it goes.”

Bitcoin is trading at $41,490 at time of writing.

Next up is Ethereum (ETH). The crypto analyst says that Ethereum is trading sideways as he offers two likely possibilities.

“If we were to see Ethereum close back below this level here [$2,500] where it’s testing today, then $2,200 would be next…

If we were to see Bitcoin take out $35,000 support and go down to test $30,000, then Ethereum could come down and test $2,000…

Now on the flip side if we see a close above this area up here, right around $2,900, then $3,100 to $3,200 would be next.”

Ethereum is trading at $2,996 at time of writing.

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What Could Send Ethereum Crashing To $2,000, According To Crypto Analyst

by NEWSBTC

Ethereum has been hitting some minor milestones since the market crash. Obviously following behind market leader bitcoin, it has posted small recoveries that brought it out from its last month low. But while this has been encouraging for investors, there is still a long way to go, meaning that the digital asset could go either way at this point. Bears are trying hard to drag it down to a new low and crypto analyst Justin Bennett maps out what could give the bears exactly what they want.

Ethereum To $2,000?

Currently, the price of Ethereum is trading close to $3,000. This does not mean that the digital asset has been able to test this coveted level. Rather, it is showing a bit of support around the $2,800 price point. Nevertheless, this remains a volatile market and the asset could easily fluctuate down as it would upwards. Only a strong resistance point stands between ETH and touching $2,000.

Related Reading | Double Threat: Bitcoin And Ethereum, Start Of Bear Market Or Bullish Consolidation?

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Crypto analyst Justin Bennett explains in his latest newsletter what is an important support for the digital asset. He acknowledges the pullback that the asset has experienced following alongside bitcoin, expressing that it sees some key support below its present price. However, without being able to defend the $2,500 level going forward, it would be hard to carve out a higher low.

Ethereum price chart from TradingView.com

ETH begins recovery trend | Source: ETHUSD on TradingView.com

A close below $2,500 would see ethereum moving towards its next major support level, which is $2,200. If this support does not hold, bears would successfully take control of the digital asset, dragging it down to $2,000.

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However, it is not all bad news. Bulls still exert major control over ETH’s price and if they can hold it above $2,500, “then the next big test is $2,800-$2,900, followed by $3,100,” Bennett says.

Good News For Bitcoin?

The crypto analyst also touched on bitcoin, an asset whose movements ethereum closely follows most times. It’s no secret that the success of bitcoin translates into the success of other cryptocurrencies in the market and that is no different with ethereum.

Related Reading | What A Decline Under $35,511 Would Mean For The Price Of bitcoin

As for bitcoin, given the current momentum in the market, it can be hard to tell what is coming next. But Bennett does not expect the digital asset to be seeing the $30,000 level at any time soon. Given that the cryptocurrency is still trading above the $35,000 point, “I think it makes little sense to assume $30,000,” Bennett says.

This does not mean that a breakout is coming soon as the analyst explains that bitcoin would have to close above the $42,000 area for a confirmation of a bullish breakout, which would, in turn, expose it to the $45,000-$46,000 level.

Bitcoin is trading below $38,000 at the time of this writing.

Featured image from Crypto Hustle, chart from TradingView.com

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Crypto Strategist Justin Bennett Updates Outlook on Bitcoin (BTC), Ethereum (ETH), and Two Popular Altcoins

by Dailyhodl

A widely-followed crypto analyst foresees impending bounces for top cryptos Bitcoin (BTC) and Ethereum (ETH) while highlighting support levels for two popular altcoins.

In a recent YouTube update, crypto trader Justin Bennett tells his 8,470 subscribers that a substantial Bitcoin bounce could be on the horizon.

“I would expect, at some point over the coming weeks, at least a 20-30% bounce from BTC.”

With Bitcoin currently trading for $43,122, a 20-30% upswing would mean that Bennett expects BTC to reach somewhere between $50,000-$56,000 in the coming weeks.

Looking at leading smart contract platform Ethereum, Bennett points out that $3,000 has held support recently. However, he warns that ETH may dip lower before bouncing back.

“So if we do see [ETH] close below [$3,000], there’s a chance that we see it move down into support right around $2,800, maybe $2,900, and then we get that bounce.”

Ethereum is trading for $3,252.36 at time of writing, just north of the $3,000 support zone highlighted by Bennett.

Bennett then looks at payments and decentralized finance blockchain Algorand (ALGO) and notes that it might currently be in a bullish formation, even if the price dips lower.

“We’ve had this channel that’s developed which could be a bullish formation if the market can find support down here around $1.15.

If we get a re-test [of $1.15] towards the end of January, this is going to be a confluence of support, right around $1.15. If we do get a bounce from there, the next resistance is going to come in here around $1.50 to $1.60.”

With Algorand currently trading at $1.31, a drop to $1.15 would represent a 12% dive.

Finally, Bennett looks at enterprise solution blockchain VeChain (VET) and notes that $0.06 has served as VET’s support over the last year.

“If we see VeChain close below $0.07, then keep an eye on $0.06-$0.065.

Because this going to be a must hold for buyers… and could produce a favorable buying opportunity.

I think any rotation into $0.06-$0.065 could produce a healthy bounce.”

VeChain is trading for $0.074 at time of writing, up 3.61% in the last 24 hours.

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One Ethereum Rival May Soon Witness Epic Rally, According to Crypto Analyst Justin Bennett

by Dailyhodl

A closely followed strategist is identifying key price levels for an Ethereum (ETH) competitor that’s been outshining the overall shaky crypto markets.

Popular analyst Justin Bennett takes to YouTube for an in-depth strategy session about Polygon (MATIC), a scaling solution designed to enable the widescale adoption of decentralized apps on the Ethereum blockchain.

Bennett believes that $2.70 is an important barrier for MATIC which if surpassed, could send the altcoin soaring to new all-time highs.

“It’s pretty natural to assume that if MATIC can get above $2.70 over the coming weeks, break above this area, it’s likely to find resistance up here at the top of this channel. Whether that’s around $4.00 or maybe $4.70, this level up here, that all depends on when MATIC will test that level.

A market loves symmetry. Always remember that: markets love symmetry. And that’s why equidistant channels like this work so well. If MATIC gets above $2.70, a daily close above this [$2.70], that becomes support, and then resistance is going to be up here at this level [around $4.00], as well as that $4.70 mark.

That’s how I would play a breakout scenario. Wait for the daily close above $2.70 and then target the top of that channel somewhere between $4.00 and $4.70.”

Source: Justin Bennett/YouTube

At time of writing MATIC is up slightly and priced at $2.61. Less than two weeks ago, the altcoin was trading for as low as $1.75.

A price of $4.00 per MATIC would mean an over 50% increase from today’s price, and Polygon at $4.70 would indicate an 80% surge to the upside.

Bennett says he’s considering several possible scenarios for MATIC over the next several weeks. Besides the optimistic play already discussed, the analyst takes into account a possible scenario that will invalidate his bullish script.

“We either get a close above $2.70 in the next few days, flip this area to support, and then get a move up… or we get a rotation lower first, in which case we look to this $2.00 support area down here to provide support, and then move back up into this area [$2.60-$2.70].

The third scenario is if MATIC fails to break out and does break down, the must-hold area is going to be right down here at around $1.70.

The only reason that breakout above $2.70 is going to work is because the market has been making higher highs and higher lows.

If we see that change, then this entire idea is no more. If it breaks below $1.70, then this entire idea is off the table.”

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‘Eye Opening’ Price Pattern Could Be Unfolding for Bitcoin, According to Crypto Analyst Justin Bennett

by Dailyhodl

Popular crypto analyst Justin Bennett thinks Bitcoin (BTC) could be in for more bearish price action in the short term.

In a YouTube analysis, Bennett notes that whenever BTC has had a liquidation wick downwards in price this past year, the leading crypto asset tends to initially recover before breaking below the bottom of the liquidation candle’s low and fully bouncing upwards again.

The crypto analyst points out that Bitcoin’s most recent liquidation candle from December 4th tested the $42,000 range.

“Right now Bitcoin is kind of in the process of filling in that lower wick.

But the question is, is it going to fill in that wick completely? Or is it just going to turn sideways to lower and then just balance from this area down here… right around $45,000.

Now if we use history as a guide here over the past year, and think about what I just showed you, Bitcoin, every single time there’s been a liquidation candle, it has not only retested that low but it’s actually moved just below it before moving higher.” 

Bennett predicts BTC could move downwards all the way to $40,000 and then rally higher in January.

Bitcoin is trading at $49,147.61 at time of writing, up more than 4% in the past 24 hours.

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Bitcoin May Be at the Point Where It Starts To Outpace Altcoins: Crypto Analyst Justin Bennett

by Dailyhodl

Crypto analyst Justin Bennett says that Bitcoin (BTC) may be gearing up to steal the show from the rest of the crypto markets.

Bennett tells his 86,000 Twitter followers that Bitcoin dominance, which compares BTC’s market cap to the rest of the crypto market, is standing on a strong support level.

 

At the same time, Bennett says Bitcoin is making an attempt to make a break past a critical resistance point.

“This could be where Bitcoin starts to outpace altcoins for a bit.

It’s no surprise that BTC is making a move on a key breakout level at $64k while BTC.D has just come into support.”

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Source: Justin Bennett/Twitter

The analyst says that if Bitcoin can convincingly secure a spot above $63,700, then the king crypto should be able to maintain momentum to all-time highs. Based on his chart, Bennett thinks BTC just broke free from a bearish descending channel.

“BTC is testing $63,700.

Get above that, and we’re back to $67,000 and a new all-time high.”

Image
Source: Justin Bennett/Twitter

The crypto analyst says he’s got his eye on a fractal from 2017. Fractals are geometric patterns within price movements that sometimes repeat over time. According to Bennett, Bitcoin continuing to follow the 2017 fractal could suggest that BTC hits $80,000 in the next two weeks.

“The 2017 BTC fractal has been accurate since June.

Currently shows $80kish in the next two weeks, followed by a mid-November pullback to $65k. Then $100k+ in December.

Let’s see.”

Image
Source: Justin Bennett/Twitter

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