Cryptocurrency analyst and trader Michaël van de Poppe says Bitcoin (BTC) is primed to go lower after failing to break above a major resistance level.
Van de Poppe tells his 805,800 followers on X that Bitcoin has failed to climb above the 20-day exponential moving average (EMA). According to Van de Poppe, a correction for Bitcoin could present buying opportunities for altcoins.
“If this [Bitcoin] isn’t breaking through, I would project we’re making a new low and that’s where you need to go maximum long altcoins.
Brace for impact.”
On the upcoming Federal Open Market Committee meeting set for September 17th, where the Federal Reserve will issue a rate decision, Van de Poppe says,
“Yes, we could have a deeper correction and yes, I’m heavily buying that one, but the closer we get to the FED meeting, the less of a chance I’d give the correction to continue, especially if BTC breaks through $112,000.”
Bitcoin is trading at $110,083 at time of writing.
Turning to Ethereum (ETH), Van de Poppe says the second-largest crypto asset by market cap could plummet if it fails to break above the 20-week EMA.
“If it breaks back above the 20-Week EMA, I would assume we’re going to see a strong surge towards the all-time high.
If not, then I’m heavily interested to be buying it at sub $4,000.”
Ethereum is trading at $4,355 at time of writing, down by around 12% from the all-time high reached late last month.
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