Van de Poppe Looks Into Bitcoin And Three Altcoins: LTC, SXP And CELR
Michaël van de Poppe, a popular cryptocurrency analyst and pro-trader is looking into Bitcoin and three altcoins: LTC, SXP and CELR that he says could potentially spark rallies.
Bitcoin (BTC)
Regarding Bitcoin (BTC), Van de Poppe shares with his 114K YouTube subscribers that the number one cryptocurrency is trading in a range on the lower time frames.
“Looking at Bitcoin and the lower time frames, we can see that we’re still chopping around. So the critical support that we’re looking at with Bitcoin is still the area between $44,000 to $44,400.”
According to the analyst, if this support level for Bitcoin gives in, BTC could re-test previous lows before starting to climb.
“We are not really falling through, meaning rejection. And then usually you will get a re-test of the lows, another lower high and then we start to fall through. At this stage, we make a lot [sic] higher low on the lower time frames, through which we potentially make a squeeze before we break back up.”
The trader also points out that if his outlined scenario occurs, the altcoin season could kick off and send altcoins rallying.
“If this is going to happen, altcoins will most likely start shooting off, especially given the fact that Bitcoin will be showing strength.”
According to Van de Poppe, the altcoin season typically begins under specific conditions.
“The actual alt season starts when Bitcoin is bottomed out, Bitcoin is grinding up, and when nobody is interested in altcoins at all.”
He also draws an alternative scenario in which Bitcoin breaks below the current support level.
“If we do reject here, the level to watch is the area at $43,000 and $40,000.”
Litecoin (LTC)
Looking into Litecoin, Van de Poppe says that if the current support level at around $165 holds, the next price target could be above $200.
“We are making a slightly higher low, so this is the critical breaker here [$165 support level] for Litecoin. And if that is the case, we can continue making higher highs, higher lows, in which the trend continues to go. And then we can start targeting 220 bucks as the next level for Litecoin.”
At time of writing, Litecoin is trading at $180 according to CoinGecko.
Swipe (SXP)
The second altcoin that Van de Poppe is convering is the native token of crypto debit card issuer Swipe (SXP). According the trader, looking at the SXP/BTC pair, Swipe could rally after breaking above the 100- and 200-day moving average (MA) indicators.
“If we’re looking at Swipe, for instance, we can say the exact same. The good part is it actually broke back above the 100-day and 200-day MA, implying that a new bull run can be happening.”
Celer Network (CELR)
The third altcoin on van de Poppe’s list is the scaling solution Celer Network (CELR) in its Bitcoin pair. According to the trader, CELR could rally after breaking above the moving averages and re-testing support levels.
“We can see the same about CELR – breaking back above those moving averages. But more importantly, re-test level here [0.00000063 BTC, or $0.02 at time of writing] for support after the big impulse wave, through which it is ready for a new impulse wave to be happening.”
