Cryptocurrency trader Michaël van de Poppe is analyzing Bitcoin and three altcoins that he says could potentially rally.
In the case of Bitcoin (BTC), Van de Poppe tells his 114,000 YouTube subscribers that the flagship cryptocurrency is trading in a range on the lower time frames.
“Looking at Bitcoin and the lower time frames, we can see that we’re still chopping around. So the critical support that we’re looking at with Bitcoin is still the area between $44,000 to $44,400.”
The crypto trader says that if this support level for Bitcoin gives in, BTC could re-test previous lows before starting to climb.
“We are not really falling through, meaning rejection. And then usually you will get a re-test of the lows, another lower high and then we start to fall through. At this stage, we make a lot [sic] higher low on the lower time frames, through which we potentially make a squeeze before we break back up.”
Van de Poppe also says that if his outlined scenario occurs, the altcoin season could kick off and send altcoins rallying.
“If this is going to happen, altcoins will most likely start shooting off, especially given the fact that Bitcoin will be showing strength.”
The analyst believes that the altcoin season typically begins under specific conditions.
“The actual alt season starts when Bitcoin is bottomed out, Bitcoin is grinding up, and when nobody is interested in altcoins at all.”
Van de Poppe also offers an alternative scenario in which Bitcoin breaks below the current support level.
“If we do reject here, the level to watch is the area at $43,000 and $40,000.”
The crypto analyst also takes a look at Litecoin (LTC). He says that if Litecoin’s current support level at around $165 holds, the next price target could be above $200.
“We are making a slightly higher low, so this is the critical breaker here [$165 support level] for Litecoin. And if that is the case, we can continue making higher highs, higher lows, in which the trend continues to go. And then we can start targeting 220 bucks as the next level for Litecoin.”
At time of writing, Litecoin is trading at $175.58 per CoinGecko.
Next up is the native token of crypto debit card issuer Swipe (SXP). Looking at the SXP/BTC pair, Van de Poppe says that Swipe could rally after breaking above the 100- and 200-day moving average (MA) indicators.
“If we’re looking at Swipe, for instance, we can say the exact same. The good part is it actually broke back above the 100-day and 200-day MA, implying that a new bull run can be happening.”
Finally, Van de Poppe analyzes the scaling solution Celer Network (CELR) in its Bitcoin pair. The trader says that CELR could rally after breaking above the moving averages and re-testing support levels.
“We can see the same about CELR – breaking back above those moving averages. But more importantly, re-test level here [0.00000063 BTC, or $0.02 at time of writing] for support after the big impulse wave, through which it is ready for a new impulse wave to be happening.”
l
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
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/FrameStockFootages
