Popular crypto analyst breaks down Bitcoin (BTC) and Ethereum (ETH) after a week of positive price action
A widely followed crypto trader warns that crypto king Bitcoin (BTC) remains at resistance despite gaining 9% over the past seven days.
Cryptanalyst Michaël van de Poppe says his 637,600 Twitter followers that BTC was rejected in the $20,800 price zone.
“Bitcoin remains in resistance here as it rejects around $20,800 and [low-time frame] also rejects at $20,750.
Not favoring day trading longs here, I’m technically looking for the scenario given in the chart, the $19,900-$20,200 range.”
Van de Poppe updates his followers early Friday morning, he says thinking BTC is in a good price range for long trades if the largest crypto by market cap can find support around $19,600-$19,900.
“Bitcoin Miners Capitulate, As Hash Rates Increase To [all-time highs]
Meanwhile; from a technical point of view, BTC seems to reach long territories here.
Sweep the low and should hold around $19,900.
If that doesn’t provide support, then I’m looking at $19,600.”
Bitcoin is trading at $20,620 at the time of writing, down 0.6% on the day despite being up for the week.
Van de Poppe also takes a moment to examine the leading smart contract platform and second largest crypto by market capitalization, Ethereum (ETH). With ETH currently trading at $1554, the crypto trader is senses resistance at $1600.
“Ethereum continues to face resistance around $1600-1650 here.
Can question whether we will continue the rally and we clearly need to break that resistance and then meet $1750.
In the short term, I’d like to see entries around $1,400-1,450.”
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