Popular crypto trader Michaël van de Poppe says he’s betting on Bitcoin (BTC) to make a big impulse move to the upside in the near-term.
The crypto strategist tells his 589,200 Twitter followers that BTC must break $40,300 to fuel a significant surge.
“Bitcoin is getting into a narrow playing field and is ready for a big impulse move.
I’m betting on the upside, as the [US Dollar Index] is showing some weakness too.
Crucial level to break: $40,300 – $40,600 first.”
In a new video, Van de Poppe outlines why he’s now leaning bullish.
“Looking at the price action of Bitcoin, we can see a clear level that we should be holding on to, which is the $39k level… What we’re seeing here is that we have been sweeping the low, regaining $39k, making a beautiful retest here, confirming the support, and from there we have been rushing all the way to $40.3k, which is the crucial breaker, and now we’re just consolidating.
This means that the actual level that we should be breaking out to or at least the playing field, is getting really narrow… Which implies that if there is going to be a breaker of this structure, it’s going to be an impulse move… On the upside, the crucial level is $40.3k, on the downside, it’s $38.5k and $38k. Those levels have been tested, so if we get there again and break through them, it’s very likely that we’re going to have a significant impulse move in the clear direction of the markets.”
With Bitcoin tumbling below $39,000 today, currently trading for $38,948, Van de Poppe again took to Twitter to further support his argument.
“The playing field still stands.
The actual downwards acceleration will most likely occur when $38K is lost.
Until then, nothing much happening on Bitcoin.”
Van de Poppe also examines the faltering video-sharing blockchain and potential YouTube rival Verasity (VRA), down 10% in the last 24 hours and 45% over the last month.
“It seems that VRA has hit the bottom of the correction here with this giant downwards fall. Support level has hit here, which was untested. Odds that we’re done correcting have been increasing.”
Verasity is trading for $0.015 at time of writing.
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