Crypto trader Michaël van de Poppe outlines key areas to hold for Bitcoin, Ethereum and Cardano amid volatile price action across the crypto markets in the last 24 hours.
In a new video, Van de Poppe tells his 106,000 subscribers that Bitcoin (BTC) must stay above a key level to avoid losing 20% more of its value.
“At this stage, if we are going to continue making this range-bound movement, the area that we have marked green ($30,000) is the area that we should be holding as support. If that is lost, I think we’re going to have a fallback towards $24,000. That’s the next support zone.”
While Bitcoin briefly took out Van de Poppe’s support area, dropping to a new 90-day low of $28,893, the leading crypto asset is currently in the midst of a strong rebound, as it records a 24-high of $34,243, according to CoinMarketCap. With the bounce, Van de Poppe says that Bitcoin must take out resistance of $35,500 to sustain its ascent.
As for Ethereum, Van de Poppe highlights that ETH has tapped a support around $1,758 after yesterday’s pullback.
“Ethereum at next support.”
The leading smart contract platform has since bounced and is trading at $2,034 according to CoinMarketCap.
Looking at Cardano against Bitcoin (ADA/BTC), Van de Poppe says the pair breached critical support of 0.000038. However, the crypto trader highlights that recovery of this key area could inspire bullish momentum.
“Cardano lost a critical support zone, and we’re looking at the next level of support around 3,000 satoshis (0.00003). Bullish if we reclaim the previous support level.”
At time of writing, ADA/BTC is attempting to reclaim the support as it trades at 0.00003731, up over 8% from yesterday’s low of 0.00003440.
Van de Poppe is also noticing the ability of Cardano (ADA/USDT) to withstand the sell-off amid the wild price action across the crypto markets.
“Impressed with the ADA strength.”
The fifth-largest crypto asset is currently trading around $1.27, bouncing 27% from yesterday’s low of $1.00.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Sergey Nivens