A widely followed crypto trader thinks Ethereum (ETH) and Cosmos (ATOM) could resume their uptrend while highlighting potential reversal points for Cardano (ADA) in a new video.
Crypto market trader Michaël van de Poppe tells his 134,000 YouTube subscribers that he wants to see Ethereum find support at 0.0058 BTC ($3,267) before pushing higher.
“If we are going to get a bottom on the altcoins at this point, you clearly want to get a rejection around this area (0.058 BTC), come back down, reject, and consolidate, and then we continue. It could go upwards again, but usually, we’ll see a bullish divergence apply in that structure too.”
Looking at the scalable and interoperable ecosystem Cosmos, the trader thinks a break above 0.0007 BTC ($39.43) will confirm bullish momentum. But he wouldn’t be surprised to see ATOM drop lower before an upswing.
“Levels that I am watching with ATOM: anything in these ranges (0.0007 BTC), that is where we should be breaking through. So if we get a bounce like this and Bitcoin is going to accelerate again, I’m not surprised if we get a correction even further to anywhere around 0.00043 BTC ($24.22) to 0.00047 BTC ($26.48), before we actually start a new bull cycle.”
As for Cardano, Van de Poppe expects the proof-of-stake blockchain to head lower as it finds a stronger level of support.
“Cardano against Bitcoin [ADA/BTC], we’ve also marked a few [support] levels, got there, no real strong bounce yet. So we clearly want to get more confirmation going on the markets before we’re going to have some serious momentum once again.”
He’s looking at 0.00003 BTC ($1.69) as his next zone of interest.
“Got there for Cardano.
Personally, I’m more interested around the 3000 [satoshis] ($1.69) zone.”
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