Widely-followed crypto analyst Michaël van de Poppe warns that altcoin holders shouldn’t be fooled by their recent performance against the US Dollar (USD).
Van de Poppe took to Twitter, telling his followers that most altcoins are performing poorly against Bitcoin (BTC), which must flip certain levels before altcoins can follow.
“Don’t be fooled by the gains on USD value for your altcoins. Most of them are doing bad against BTC, as the markets are still moving in times of fear.
I’m staying cautious on the markets, until BTC flips and reclaims some important levels, that’d be a spot for alts.”
As for the leading crypto, the analyst points out that Bitcoin has been incredibly volatile as of late.
“Bitcoin sentiment went from bull to bear to bull to bear in 8 hours.”
The trader further touches on BTC’s volatility with an explanatory tweet and chart.
“Very volatile day for Bitcoin as we’ve seen 5%+ moves within the day itself. I’m still seeing the same chart, higher timeframes.
Nothing clear until we crack $46K and/or this block. If we do reclaim that level, the party goes on. Until then – caution.”
When looking at leading smart contract platform Ethereum (ETH), Van de Poppe sees much of the same as he does for Bitcoin.
“The Ethereum chart is a copy/paste of Bitcoin. Weekly order block into resistance here and a rejection is happening.
If the market breaks through the block = new ATH time. Until then – caution.”
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