Crypto analyst and trader Michaël van de Poppe is outlining the crucial price levels for Bitcoin, Ethereum and Cardano as the broader crypto markets begin to flash signs of strength.
Van de Poppe tells his 348,100 Twitter followers that he wants BTC to flip former resistance at $35,000 into support in order to sustain its ascent.
“Bitcoin clearly broke $35,000. Good news! Now, I’d like to see it hold as support in order to continue moving to $38,000.
Preferably even without a retest and just continuation towards those next levels.
Overall -> good signals on the markets.”
Looking at Ethereum (ETH), the analyst says the leading smart contract platform must take out key resistance at $2,200 for a possible leg up to $3,000.
“Ethereum showing some strength here in which it’s currently facing a critical resistance zone. Not an area I’d be looking for longs.
The aggressive play would be some short-term consolidation with support at $1,985-$2,015.
If that happens -> continuation towards a breakout.”
Next up is Cardano (ADA), which the crypto trader says must breach its immediate resistance to ignite a potential 36% rise.
“Cardano remains unchanged at this point as it’s still consolidating in a narrow range.
If it breaks above $1.37-1.41, the next zone around $1.60 seems to be next and potentially even $1.85.”
As for the broader altcoin market, Van de Poppe says the total market cap of all altcoins may be carving a bottom around support of $600 billion.
“The total market capitalization of altcoins might be bottomed out here.
However, it has to break through a critical resistance of around $800 billion.
If that breaks, the altcoins market cap can run to $1 trillion again.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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