Top Analyst Issues Bitcoin (BTC) Alert, Says Crypto Markets Looking Heavy at the Moment
A closely followed crypto strategist is issuing an alert to Bitcoin (BTC) holders, saying that the king crypto is struggling to take out key resistance levels.
Analyst Justin Bennett tells his 111,800 Twitter followers that last week’s Bitcoin correction saw BTC convert a previous diagonal support into resistance.
“That BTC trendline I wrote about on Friday is holding as resistance. The real fun begins below $26,500/600.”
Based on Bennett’s chart, it appears that the diagonal resistance hovers at around $28,000. At time of writing, Bitcoin is trading for $27,883.
Bennett also says that a break of support at $26,500 could trigger a sell-off event that pushes BTC down to $25,200 first and then $24,100.
Looking at the higher timeframe, Bennett says that Bitcoin continues to respect the critical resistance level of $28,980 on the 12-month chart.
“If BTC loses $26,500 on the high timeframes, this will go down as the most obvious short entry that most of crypto Twitter missed because they were promised $1 million Bitcoin in 90 days.”
The crypto strategist is also keeping a close watch on the TOTAL chart, which tracks the market capitalization of all digital assets. According to Bennett, TOTAL looks weak after touching support at $1.08 trillion multiple times in the last few days.
“TOTAL is sitting right on the range lows.
Everything looks heavy at the moment.”
At time of writing, the TOTAL chart is trading at $1.13 trillion.
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This article was originally reported on The Daily Hodl.