Van de Poppe Reads The Charts for LUNA, RVN, ATOM & WOO, Updates BTC & ETH
A top cryptocurrency strategist and pro-trader, Michaël van de Poppe takes a look at four altcoins, LUNA, RVN, ATOM and WOO, that recently broke out. He’s also updates Bitcoin and Ethereum.
Terra (LUNA)
The trader is sharing with his 361,000 Twitter followers an analysis of proof-of-stake blockchain Terra (LUNA), which is down 1.9% on the daily chart at time of writing, and trading at $17.33.
According to the strategist LUNA is not an interesting buy at the current rate, but if the asset breaks down to $15 or even $11.50, he might consider a trade.
Van de Poppe’s next target for LUNA is around $19.32. LUNA must hold the $16.35 support level to signal further continuation, he says.
The second altcoin on the list is the peer-to-peer transfer network Ravencoin (RVN).
The analyst is not interested in longing RVN in its Bitcoin pair (RVN/BTC) at the current price, but if it retests support at 0.00000234 BTC or 0.00000261 BTC ($0.11 or $0.12 at time of writing), the analyst will consider a trade.
According to CoinGecko, Ravencoin is trading at $0.15 at time of writing.
Third altcoin is the scalable blockchain Cosmos (ATOM), which Van de Poppe expects to retest support around $12.772 this month, then jump back up to $17 in September before reconquering the $20 area by November.
At time of writing, ATOM is trading at $15.59, according to CoinGecko.
The fourth crypto asset on Van de Poppe list is decentralized trading platform Wootrade Network (WOO), which is trading at $0.848 at time of writing, according to CoinGecko.
According to the analyst Woo is facing resistance at $0.91, and says he might consider a trade if WOO dips back down to $0.71 or $0.55.
According to Van de Poppe Bitcoin is looking to flip $45,000 into solid support. The analyst says he will not be taking any trades as Bitcoin approaches the resistance zone from $47,000-$49,000.
At time of writing, Bitcoin has entered that resistance zone and is trading at $47,249.
If Bitcoin continues this run-up into the resistance area this weekend, it will most likely be a fakeout, the trader points out. But if BTC takes on a run during the week, then it could be on a legitimate rally, he continues.
Ethereum (ETH) is hitting resistance at around $3,270, says Van de Poppe. He could might consider a quick trade at $3,160.
ETH might crack through the resistance area, but that will depend on how Bitcoin performs at the current stage, says the trader.
