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Top crypto trader says Bitcoin (BTC) is bouncing to test lower lows, examines Ethereum (ETH) and VeChain (VET)

Popular cryptanalyst Justin Bennett says, Bitcoin (BTC), Ethereum (ETH) and VeChain (VET) should all expect lower lows before embarking on their next highs.
In the latest issue of the trader’s Crypocademy newsletter, Bennett predicts BTC to fall to $35,000 before bouncing back up.

“Bitcoin is recovering today from the $37,600 area that served as support in late February and March.

However, BTC is also holding below $39,500, which has served as support since April 11 before closing below the level on Tuesday.

So I think buyers need to be cautious until $39,500 is being reclaimed on a daily close basis.

I continue to think there is a good chance Bitcoin will test the $35,000 region before the bottom is reached.

Of course, that depends on whether or not levels like $37,600 and $39,500 hold in the coming days.”
Top crypto trader says Bitcoin (BTC) is bouncing to test lower lows, examines Ethereum (ETH) and VeChain (VET), Crypto Trading NewsSource: Justin Bennett/Cryptocademy
Bitcoin is trading at $36,229 at the time of writing, down 6.84% over the past 24 hours.

Bennett predicts that leading smart contract platform Ethereum will soon test $4,000, but only after it first breaks below current levels.

“ETH continues to move lower within a descending channel from the April high…

The target of this structure sees the upcoming low around $2,500. Time will tell if that comes to fruition or not.

If so, $2,500 is also consistent with the March lows and the bottom of an ascending channel from January.

I think the chances are relatively high that ETH will retest this $2,500 region before the next level higher kicks in.

Whether Ethereum bounces there and breaks away from the descending channel in the chart below, I will be eyeing a retest of the failed weekly level at $4,000 in the coming months.

That may sound like a lofty goal, but markets love to retest failed levels before taking their next move.”
Top crypto trader says Bitcoin (BTC) is bouncing to test lower lows, examines Ethereum (ETH) and VeChain (VET), Crypto Trading NewsSource: Justin Bennett/Cryptocademy
Ethereum is currently trading at $2,710.

Bennett is also investigating enterprise solutions platform VeChain, which he believes can recover if BTC and ETH do as well.

“VET lost $0.055 yesterday, a level it previously held on the 18th. That means $0.055 a new Resistance is.

The next key support for VETUSDT is the $0.044 region, which has been supporting VET since January.

I would expect a decent bounce from this region if tested, maybe back to $0.055 and maybe even higher if BTC and ETH give us a recovery rally this summer.

Alternatively, a daily close below $0.044 would open the next key support at $0.035.”
Top crypto trader says Bitcoin (BTC) is bouncing to test lower lows, examines Ethereum (ETH) and VeChain (VET), Crypto Trading NewsSource: Justin Bennett/Cryptocademy
VeChain is trading at $0.047 at the time of writing, down over 7% on the day.

Bennett also looks at the entire cryptomarket capitalization (TOTAL), which indicates the value of the crypto markets as a whole. Even looking at TOTAL, the trader sees signs that BTC and ETH are headed for $35,000 and $2,500 respectively.

“The overall crypto market cap held on to support…

This level was right at $1.72 trillion, which was just below yesterday’s close, signaling that it was still intact as key support.

Therefore, it was no surprise that TOTAL rallied today and went straight into the $1.8 trillion resistance area.

I still think the market sees another leg down before we hit a real bottom. For TOTAL, this could mean a move to $1.55 trillion support.

That would probably be $35,000 BTC and $2,500 ETH coincide.

Alternatively, a daily close above $1.8 trillion would cast doubt on the above scenario.”
Top crypto trader says Bitcoin (BTC) is bouncing to test lower lows, examines Ethereum (ETH) and VeChain (VET), Crypto Trading NewsSource: Justin Bennett/Cryptocademy
TOTAL is currently at $1.66 trillion.
Check the price action

Source: Crypto News Deutsch

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