A widely followed crypto analyst is warning Bitcoin (BTC) traders that the weekend ahead could be a tricky one.
Popular crypto trader Michaël van de Poppe tells his 644,000 Twitter followers to avoid overleveraging BTC heading into the first weekend of the new year.
“We should be good if Bitcoin remains above $16,600.
Tricky weekend coming up with Grayscale, tomorrow unemployment data and such.
Wouldn’t go crazy on leverage.”
Van de Poppe then goes into further detail with a chart, suggesting BTC needs to hold the $16,600 level to avoid a crash.
“Bitcoin is again at support, but not fancying longs too much at this point.
It needs to hold above $16,600 to avoid a puke to low $16,000 and to sustain upward momentum.
In that regard, with the data today, I’d be looking at bit lower for longs towards $17,000.”
BTC is trading for $16,828 at time of writing.
The trader then turns his attention to the leading smart contract platform Ethereum (ETH), trading for $1,265 at time of writing.
“Theory still stands on Ethereum, going as planned so far.”
Finally, Van de Poppe breaks down the payments-focused blockchain Litecoin (LTC). Yesterday, the analyst suggested LTC was on its way to $72. Today, he confirms his hypothesis.
“Thank you very much, we’re getting there for Litecoin.
Probably later today time for longs.”
Litecoin is currently changing hands for $75.
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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 losses 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.
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