Full-time crypto trader and strategist Michaël van de Poppe is looking at lower levels for Bitcoin (BTC), Ethereum (ETH), and XRP.
The crypto analyst is painting a bearish near-term price action for the king coin after a weekend that witnessed BTC climbing above $12,000 only to nosedive around $10,500 in a span of a few hours.
“The overall point of view here is that the construction is broken… Short term, you can see that the momentum has shifted… I would not be surprised to see a drop towards $9,900 and immediate bounce towards $11,200 but after that, the volatility dries up.
Van de Poppe is also short-term bearish on Ethereum. He says a plunge below $300 is a real possibility as the second-largest cryptocurrency looks overextended after bulls dictated the momentum for weeks.
“The areas that I’m going to look for longs are also based on the four-hour timeframe. We have essentially tested one level already. If we get towards $350, we might be seeing that bounce towards $390, so you can scalp. If we lose $350, then we have got the level around $315 and $320 that I’m watching. Then essentially, we come down to $275 and $280.”
As for XRP, the crypto trader recommends patience as he expects a heavy dip before Ripple’s native token and the crypto markets at large blast off.
“After such a huge stretch up, it seems more likely that we are going to correct and then I’ll be looking at levels like $0.23, $0.22, $0.21, a higher low around the 100-day, 200-day [moving average] and this construction, you’ll be inclined to take. Then we’re ready for $0.48.”
