Popular crypto strategist and trader Michaël van de Poppe is looking at two potential scenarios for Bitcoin as the leading crypto asset continues to trade below $60,000.
In a new strategy session, Van de Poppe tells his 147,000 YouTube subscribers that he sees Bitcoin either reclaiming $60,000 as support or printing a double bottom structure at $55,000 before it could reignite its bullish trend.
“At this point, we can just conclude we’re making lower highs, lower lows, in which we retest previous levels… In this case, we got towards support ($55,000), bouncing back up [and now at] crucial resistance zone ($60,000).
If that flips [into support], we can start continuing upwards. If it rejects, then we’re most likely going to get a retest around the lows $55,000 to get a bullish divergence, which we don’t have right now. And if we’re going to get such a bullish divergence, that is going to be a sign that the market is going to reverse from here.”
Looking at smart contract platform Ethereum, Van de Poppe says ETH looks more bullish than Bitcoin after it managed to convert a crucial resistance area into support.
“Crucial resistance for Ethereum is the level around $4,500. That one has to break. If we do break through that level, I think we’re going to continue towards new all-time highs. Overall, this is showing way more strength, and when you’re looking at the weekly timeframe, beautiful retest taking place here ($4,000), which could result in just further continuation of the markets.”
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