Top Crypto Trader Eyes June as Bitcoin (BTC) and Ethereum (ETH) Move Sideways

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A widely followed crypto analyst is looking forward to what a new month could mean for the top two crypto assets by market capitalization.

In a new Daily Price Action blog post, crypto trader Justin Bennett says yesterday’s selloff in Bitcoin (BTC) markets could simply be due to institutional traders balancing their books.

“As major institutions close their books, we often see markets become erratic and undecided in the last 24-48 hours of the month.

So how Bitcoin trades in the first week of June will be telling.

But if the bulls can’t quickly recoup $27,500-$27,650, they were eyeing another big sell-off towards $26,500, potentially lower.

Either way, remember to trade BTC level to level and respect support as support and resistance as resistance.

Given how sideways the crypto market has been since March, now is not the time to swing for the close and target the next big move.

A better approach is to trade level by level and take what the market gives you.

Source: Justin Bennett/Daily Price Action

Bitcoin is worth $26,887 at the time of writing, just below the area Bennett says BTC bulls need to recover.

Looking at Ethereum (ETH), Bennett tells his 112,500 Twitter followers that ETH is not ready for the big “home run” trades.

“That’s why I said take what the market gives you on those terms.

Not the environment for home exchanges.

ETH right next to the support and resistance I described in Tuesday’s blog post.

Source: Justin Bennett/Twitter

Diving deeper into the aforementioned blog post, Bennettsaidin wrote a Daily Price Action Tuesday article that Ethereum has “liquidation clusters” at $1,960 and $1,830.

“Clearout clusters like this often serve as price magnets.

This alone could trigger another Ethereum rally, making the recent consolidation a continuation pattern.

To be fair, there is also a decent block of long ETH selloffs at $1,830.

So really, it could go either way, especially as we enter the final 24 hours of the month.

But the determining factor in whether we see $1,960 or $1,835 first will be the $1,887 level.

As long as ETH holds above this on a 4-hour closing basis, the next resistance and sell-out pool is $1,960.

Conversely, an extended break on the 4-hour time frame below $1,887 would confirm this consolidation as a deviation and open $1,835.

Regardless, expect some erratic price action from the crypto market as we enter the final 24 hours of May.

Source: Justin Bennett/Daily Price Action

ETH is trading for $1,863 at the time of writing.

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Featured Image: Shutterstock/TadashiArt

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