A widely followed crypto analyst is updating his outlook on Bitcoin (BTC), Cardano (ADA) and Ethereum (ETH) rival Fantom (FTM) after the Federal Reserve raised interest rates by a quarter percentage point.
In a new strategy session video, crypto strategist Michaël van de Poppe tells his 163,000 Youtube subscribers that if Bitcoin fails to hold a key support level of $23,000, then the king crypto is likely heading lower by nearly 10% from its current value.
“What can we see on the price action at this point? Volatility is crazy at this stage in which we have got the support bounce at $22,400.
We’ve got this rally in which we took out the high and now we are rejecting at the previous high again which ultimately results into further downside, in which I’m marking $23,000 as an important indicator to keep an eye on.
We need to stay above $23,000. If we do not hold $23,000, we’re going to correct back towards $21,200.”
Bitcoin is worth $23,532 at time of writing.
Van de Poppe also tells his 646,600 Twitter followers that Cardano is not showing strength to the upside. He sets a lower support level of $0.35 if there is a correction. But he says if Cardano can flip $0.42 into support, he would look for a run up to $0.50.
“Didn’t see any strength as of yet. I’d be looking at a case where I’d want to look for longs around $0.35 if a correction occurs or when the area at $0.42 flips for support.”
Cardano is trading for $0.40 at time of writing.
Lastly, he says Fantom is nearing the higher timeframe resistance level of $0.66 and may dip to $0.50 before bouncing back up.
“Higher timeframe resistance approaching here as it’s closing the gap. If there’s a dip, I’d be interested around $0.50 on this one.”
Fantom is worth $0.64 at time of writing.
IDon't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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 loses 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.
Generated Image: Midjourney