Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • Email Alerts
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • Email Alerts
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Top Crypto Trader Says Bouncing Bitcoin (BTC) To Test Lower Lows, Examines Ethereum (ETH) and VeChain (VET)

by Daily Hodl Staff
May 6, 2022
in Altcoins, Bitcoin, Ethereum

Widely-followed crypto analyst Justin Bennett says Bitcoin (BTC), Ethereum (ETH), and VeChain (VET) should all expect lower lows before their next legs up.

In the latest edition of the trader’s Crypocademy newsletter, Bennett forecasts that BTC will drop to $35,000 before bouncing back up.

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

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

So I think buyers have to be careful until $39,500 is reclaimed on a daily closing basis.

I continue to think there’s a decent chance Bitcoin tests the $35,000 region before the low is in.

Of course, that will depend on whether or not levels like $37,600 and $39,500 hold or not in the coming days.”

Source: Justin Bennett/Cryptocademy

Bitcoin is trading for $36,229 at time of writing, down 6.84% in the last 24 hours.

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

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

The objective of that structure puts the upcoming low at around $2,500. Time will tell if that comes to fruition or not.

If it does, $2,500 also lines up with the March lows and the bottom of an ascending channel from January.

I think the odds are relatively high that we see ETH retest that $2,500 region before the next leg higher materializes.

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

That may sound like a lofty target, but markets love to retest failed levels before making their next move.”

Source: Justin Bennett/Cryptocademy

Ethereum is currently trading for $2,710.

Bennett also examines enterprise-solution platform VeChain, which he believes can rally if BTC and ETH do too.

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

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

I’d expect a decent bounce from that region if tested, perhaps back to $0.055 and maybe even higher if BTC and ETH give us a relief rally this summer.

Alternatively, a daily close below $0.044 would open up the next key support at $0.035.”

Source: Justin Bennett/Cryptocademy

VeChain is trading for $0.047 at time of writing, down over 7% on the day.

Bennett also looks at the total crypto market capitalization (TOTAL), indicating the value of the crypto markets as a whole. Even when looking at TOTAL, the trader sees signs that BTC and ETH are heading towards $35,000 and $2,500, respectively.

“The total crypto market cap held on to the support…

That level was right at $1.72T, which was just below yesterday’s close, signaling that it was still intact as key support.

So it was no surprise to see TOTAL rally today and right into the $1.8T resistance area.

I still think the market sees one more leg down before we get a true bottom. For TOTAL, that could mean a move to $1.55T support.

That would likely coincide with a $35,000 BTC and $2,500 ETH.

Alternatively, a daily close above $1.8T would cast doubt on the above scenario.”

Source: Justin Bennett/Cryptocademy

Currently, TOTAL sits at $1.66T.

Check Price Action

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 
Check Latest News Headlines


 
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/NotjungCG/monkographic

Submit a Press Release

Industry Announcements

  • SRG Studios Is Launching Their NFT Collection – The Cosmic Coffee Cups
    May 16, 2022
  • Anonymous Turns to CultDAO for Support Against Unjust Government Actions
    May 12, 2022
  • Bnext Receives Additional $4.5 Million Investment, Led by Borderless Capital To Drive DeFi on Algorand
    May 12, 2022
  • Lina Valentina’s ‘No More’ NFT Collection Denounces Domestic Violence
    May 11, 2022
  • Cake DeFi Enters Into Esports With Competitive Gaming Platform FACEIT
    May 10, 2022
  • Introducing YUSE, the Ultimate Multi-Utility Token
    May 10, 2022
  • HUMAN Protocol Foundation Awards Grant to VeritaTrust To Build On-Chain Rewards for Reviews
    May 10, 2022
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$30,576.00
$30,576.00
2.35%
Ethereum
$2,101.58
$2,101.58
4.4%
BNB
$309.35
$309.35
3.83%
Cardano
$0.596
$0.596
5.57%
XRP
$0.436492
$0.436492
4.3%
Dogecoin
$0.090678
$0.090678
3.23%

Spotlight

  • Meta’s Mark Zuckerberg Says NFTs Are Coming to Both Instagram and Facebook
    May 11, 2022
  • Rich Dad Poor Dad Author Delivers Alarming Economic Warning, Unveils All-In Price Target for Bitcoin
    May 14, 2022
  • Coinbase CEO Brian Armstrong Details Crypto Bankruptcy Risks if Black Swan Event Rocks Crypto Markets
    May 12, 2022
  • Binance CEO Breaks Silence, Says Terra (LUNA) Should Have Handled the Collapse Differently
    May 15, 2022

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2022 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • Email Alerts
  • DAILY HODL MIX

© 2022 The Daily Hodl