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.
[adinserter block="1"]“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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