Top Analyst Issues Bitcoin (BTC) Alert, Says Crypto Markets Looking Heavy at the Moment

A carefully adopted crypto strategist is issuing an alert to Bitcoin (BTC) holders, saying that the king crypto is struggling to take out key resistance ranges.

Analyst Justin Bennett tells his 111,800 Twitter followers that final week’s Bitcoin correction noticed BTC convert a earlier diagonal help into resistance.

“That BTC trendline I wrote about on Friday is holding as resistance. The actual enjoyable begins under $26,500/600.”

Supply: Justin Bennett/Twitter

Based mostly on Bennett’s chart, it seems that the diagonal resistance hovers at round $27,000.

Bennett additionally says {that a} break of help at $26,500 might trigger a sell-off occasion that pushes BTC all the way down to $25,200 first after which $24,100.

Wanting on the larger timeframe, Bennett says that Bitcoin continues to respect the crucial resistance degree of $28,980 on the 12-month chart.

“If BTC loses $26,500 on the excessive timeframes, this can go down as the obvious quick entry that the majority of crypto Twitter missed as a result of they had been promised $1 million Bitcoin in 90 days.”

Supply: Justin Bennett/Twitter

The crypto strategist can be preserving an in depth watch on the TOTAL chart, which tracks the market capitalization of all digital belongings. In accordance with Bennett, TOTAL seems to be weak after touching help at $1.08 trillion a number of instances in the previous few days.

“TOTAL is sitting proper on the vary lows.

Every little thing seems to be heavy in the mean time.”

Supply: Justin Bennett/Twitter

At time of writing, the TOTAL chart is buying and selling at $1.13 trillion.

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