A widely followed crypto trader is charting out Bitcoin (BTC) and Ethereum (ETH) after BTC’s failed bid to reclaim $23,450.
In the latest edition of his Cryptocademy newsletter, analyst Justin Bennett says BTC is teetering between support levels.
“Bitcoin tried to reclaim $23,450 but failed. BTC also closed the day below $23,000, which could be problematic for the relief rally as that level is likely to serve as resistance now.
The next key support for BTC is $22,400, followed by the $21,600 level.
BTC will have to reclaim $23,000 and $23,450 on a daily closing basis to turn constructive again.”
BTC is trading for $23,114 at time of writing.
Ethereum’s current value of $1,650 isn’t surprising to Bennett, who says ETH is weak below the $1,700 mark.
“ETH is still very sideways and looking relatively weak while below $1,700. That close below the level over the weekend is still serving as a fakeout.
For now, the $1,520 area is likely to serve as critical support for ETH should we see markets pull back this week. A close below that would open up $1,420 again.
Ethereum will have to close a day back above $1,700 to turn constructive again. Until then, the market will remain under pressure.”
Analyzing the total crypto market cap (TOTAL), a market strength indicator, Bennett suggests crypto’s market cap could be rallying toward the $1.15 trillion level.
“TOTAL is just barely holding onto the $1.035 trillion support level. The market tried to reclaim $1.05 trillion today but failed in the end.
If $1.035 trillion fails this week and we get a daily close below that, a move toward $985 billion seems likely, if not a full retracement to $960 billion.
Alternatively, a rally from $1.035 trillion and a reclaim above $1.05 trillion would be bullish for the crypto market and open the door to $1.15 trillion.”
According to CoinMarketCap, TOTAL currently resides at $1.07 trillion.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Sergey Nivens/Sol Invictus