Bitcoin And Ethereum Have To Reach These Levels To Bring The Bulls

The optimistic predicitons about the prices of Bitcoin and Ethereum continue. Now, an important trader is analyzing the levels that the two most important coins have to reach in order to be able to bring the bulls back.

It’s been reported that the crypto analyst Justin Bennett is analyzing recent chart action for the top two crypto assets. He is also naming the levels they must reach to confirm bullish breakouts.

In the latest issue of his Cryptocademy newsletter, Bennett made sure to explain the fact that if BTC can hold the $40,000 support level, then reaching $50,000 is possible for the king coin.

“Bitcoin looks healthy after bouncing from $42,000 support this week. That’s a support area that stretches toward $40,000 that we’ve discussed for weeks.”

He also said:

“Buyers need to take out $46,000 on a daily closing basis to confirm the bullish breakout and open up the $50,000 region. Just keep in mind that the yearly open is $46,200, so that’s going to play a critical role.”

At the moment of writing this article, BTC is trading in the red and the king coin is priced at $40,929.

Regarding Ethereum (ETH), Bennett made sure to address a chart highlighting ETH’s downward trend that dates back to November of last year.

“Ethereum is attempting to break out from a descending channel that extends from the November highs…You can see how the market carved out a false break/deviation in January.”

He concluded by saying that it’s no surprise to see ETH/USDT trending in the opposite direction.

At the moment of writing this article, ETH is trading in the red and the digital asset is priced at $2,930.

Other interesting news that just happened is that Warren Buffet’s company Berkshire Hathaway has bought $1 billion worth of stock in a digital bank that focuses on crypto.

Stay tuned for more juicy crypto news.