Crypto Trader Justin Bennett Tracks Bitcoin and Cardano Trajectories After Crypto Market Pullback
Crypto investor and technical analyst Justin Bennett thinks Bitcoin (BTC) still looks “pretty good” amid the market pullback while predicting major boosts for Cardano (ADA) and other altcoins.
In the latest edition of his Cryptocademy newsletter, Bennett discusses Bitcoin’s recent “aggressive” pullback to $63,000.
“Bitcoin just shook out a lot of excess leverage with an aggressive pullback to $63,000.
So is that it?
An extended pullback here certainly doesn’t fit the 2017 fractal that I’ve discussed several times. But that doesn’t mean it can’t or won’t happen.”
After looking at the BTC charts again, Bennett tweeted a more optimistic view.
“Bitcoin still looks pretty good here, and there’s a ton of support that’s built up above $60,000.
Higher highs and lows are the key. So far, so good for BTC.
Who knew that would turn into a rhyme?”
BTC is trading at $65,107 at time of writing.
Tweeting about Cardano, Bennett predicts the global payment blockchain platform’s native cryptocurrency will soon soar over $3.00.
“ADA has reclaimed $2.15. So that’s now a substantial support area.
Get above $2.35 on a daily closing basis, and ADA gets sent back to $3+, [in my opinion].”
ADA is currently trading at $2.09.
Looking at Ethereum (ETH), Bennett believes the second-largest crypto asset by market cap can explode past $6,000 before December.
“ETH was showing a nice stair-step pattern. I say ‘was’ because today’s close could put an end to it. A daily close below $4,600 could introduce some weakness.
I still think ETH/USDT [Tether] has a shot at making it to the $6,000 – $6,500 measured objective in November as I’ve discussed, but only if this rally remains constructive.”
Currently, Ethereum is valued at $4,763.
Tweeting about blockchain oracle service Chainlink’s native token LINK, the Cryptocademy founder sees the second leg of a “two-step breakout” as already in progress.
“LINK with a perfect two-step breakout. The second step is in progress and will confirm with today’s close.”
LINK is trading at $35.31 at time of writing.
And speaking of chains, Bennett also updates his outlook on enterprise solutions-focused platform VeChain (VET).
“VET is testing the $0.155 region as support today following the selloff from Bitcoin.
In a lot of ways, $0.15 is a must hold level. A daily close below that would flip it to resistance and expose $0.14.
The area just below $0.19 remains resistance for VET/USDT. You can see how the market found selling pressure there during Tuesday’s session.”
VET is currently exchanging hands at $0.16.
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