Cryptocurrency analyst and trader Justin Bennett points out the key levels that Bitcoin and Ethereum have to overcome before they can climb higher.
Starting with Bitcoin, Bennett says in a newsletter that the flagshipCryptocurrency could rise to $ 60,000 if it crosses two levels of resistance in rapid succession.
“The real test for buyers is the $ 50,000 region that is the descending trendline from the All time high represents.
Over $ 50,000 is an even bigger test for bulls between $ 53,000 and $ 54,000.
If BTC can get above this range of $ 53,000 to $ 54,000 on a daily closing basis, we could see it spike to $ 60,000 and possibly higher. “
The cryptocurrency analyst and trader also says Bitcoin could fall to recent lows if it stays in the current range.
“We don’t have a confirmed outbreak yet. And as long as Bitcoin is below $ 50,000 and $ 54,000, I’ll keep an eye on the $ 42,000 region just in case. “
Bitcoin is trading at $ 51,105 at the time of writing.
Next up is the leading smart contract platform Ethereum (ETH). According to Bennett, Ethereum is currently threatening a diagonal resistance to break through.
“ETH is testing the descending trend line from the December 1st high. That level is around $ 4,050.
A closing price above this could push prices towards USD 4,200. However, I would love to see ETHUSDT come back above USD 4,500 to confirm its first higher high since November.
Until then, there is a possibility that we will get another rotation in the support area of US $ 3,500 to US $ 3,700. “
“Today, LINK is also testing a resistance level. In this case, it is the $ 20.40 area that buyers need to close each day to free up $ 23. Over $ 23 is $ 26.50. “
The crypto analyst and trader says Chainlink could alternatively collapse drastically if the entire crypto market turns bearish.
“On the other hand, if the crypto market took another hit in the coming days, I would keep a close eye on the support region of $ 17 for Chainlink.
With all that said, I thought there was a good chance LINK would test multi-year channel support for between $ 14 and $ 15. “
Chainlink is trading at $ 21.22 at the time of writing.
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Source: Crypto News Deutsch