Top trader and crypto strategist Michaël van de Poppe is mapping out the key levels to watch for Bitcoin this month.
In a new video, Van de Poppe tells his 35,800 YouTube subscribers that Bitcoin (BTC) may have hit a local low and is poised to ignite a bounce above $50,000.
“Now we get into the critical part. After this rejection (around $48,000), what you want to see is acceleration towards this level here ($38,000). However, this recent low at $44,000 got tested again and we bounced up, which means that we’re probably going to get buy pressure from this entire green zone here. So we might be getting into a temporary low phase in which we construct such a pattern.
I would not be surprised if we get a run towards somewhere in $54,000 in the coming weeks, chop around a little bit, get another drop down, and then we continue moving.”
The crypto strategist also issues a warning that Bitcoin’s immediate support might not hold and if that’s the case, the leading crypto asset might plunge another 20% from its current value of $46,400.
“If we can’t hold this level that we just discussed, we can’t break up, and we can’t hold $45,000, I’m going to look at $37,000 to $40,000.”
As for Ethereum (ETH), the trader says it looks worse than Bitcoin but he notes that it is possible for the leading smart contract platform to bounce from current levels.
“You want to see more strength on this one. In that perspective, critical resistance zone ($1,500) failure. If we flip $1,400 (as support), we are ready to trigger continuation and then I’m assuming we’re going to watch $1,700 to $1,800.”
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