Van de Poppe Draws Key Support Levels For BTC, ETH, ADA And DOT
Michaël van de Poppe a widely-followed cryptocurrency strategist and analyst draws the key support levels for Bitcoin (BTC), Ethereum (ETH), Cardano (ADA) and Polkadot (DOT).
In a recent YouTube strategy session, the analyst notes that at this point, $36K is an acceptable level for Bitcoin to drop to. However, the price for the top crypto should not dip far below that level.
“This entire level between [$35 thousand] to [$36.5 thousand] is where I’m looking at. Right now we probably are going to have some sort of relief bounce to [$39 thousand] before we most likely are going to continue downwards at this stage.
Anything of bullishness that I’m looking at is either a flip of [$39.3 thousand] that’s going to trigger continuation to [$40.8 thousand], but if we really want to start pushing to the upside, [$40.8 thousand] is the level that you should be looking at.”
The analyst is looking at two price levels for Ethereum, at which to buy the second-largest cryptocurrency by market cap.
“One is around [$2,300], the second one is around [$2,150], which is similar to Bitcoin going to [$36,000]. On the upside, we just lost support, so if we crack and flip [$2,530], that would generate bullish continuation and we probably test the highs again and we also have [$2,600] as a potential breaker here so I’m looking at a slight bounce.”
According to the strategist, investors could look at how Ethereum performs against Bitcoin to assess the profitability of altcoins such as Polkadot.
“Where Bitcoin is making a new lower low, Ethereum against Bitcoin is making a new higher high in this trend through which you’re going to seek for this higher low to be happening here, so anywhere in this region around 0.06 is where you should be looking at for longs for altcoins.
If you look at altcoins, for instance, with Polkadot, you can see we’ve made those lower lows and we’re shifting the trend. So where are you looking at for potential longs on Polkadot? You’re going to look at anything in this range of 14 bucks to 16 bucks as a flip, maybe high 13s – that should be flipping.”
Based on van de Poppe’s analysis, Cardano is also bullish, and has seen a great bounce from support.
The analyst is closely following ADA to see if it can hold onto support at the $1.25 level. On the upside, he says a sustained break through the $1.47 level is the next region to watch.
#Cardano is listed in Japan and rushed from support with more than 20%.
