Crypto trader Ali Martinez has highlighted a key resistance level that could push Bitcoin (BTC) to new all-time highs.
Martinez says A 58,900 follower on social media platform
However, traders say Bitcoin could also fall by up to 18% if a key support level breaks.
“As seen, Bitcoin is consolidating into a parallel channel with $61,000 being the most important support level and $72,400 being the most important resistance level.
If BTC falls below support, it could fall to $56,200 or $51,600. However, if BTC can break the resistance, the next price targets are $79,000 and $86,000!”
At the time of this writing, Bitcoin is trading at $63,050.
Martinez switches to Ethereum (ETH) Called Key support levels for the second-largest cryptocurrency asset by market capitalization are between $2,000 and $2,430, with approximately 9.37 million addresses holding approximately 52.83 million Ether.
At the time of this writing, Ethereum is trading at $3,050.
Below are the native tokens of the supply chain tracking blockchain VeChain (VET). According to Martinez, VET appears to be mirroring the price movements seen between June and December 2020. Called VET could retreat by around 18% before turning to the upside.
“If this pattern holds, VET could retreat towards the channel upper limit at $0.032, potentially setting the stage for a continued uptrend!”
VeChain is trading at $0.0389 at the time of this writing.
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us TwitterFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Image created: DALLE3