Van de Poppe Looks Into Bitcoin (BTC), Ethereum (ETH) And Cardano (ADA)
Michaël van de Poppe, a prominent crypto analyst and trader, looks into three top crypto assets Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA).
Cardano (ADA)
Van de Poppe shared with his 469,000 followers on Twitter that smart contract platform Cardano’s native token ADA might be forming a “bullish divergence.”
In a recent tweet the trader points out that Cardano’s earlier high from March this year might be turning into the crypto asset’s support line while ADA’s relative strength index (RSI) is “completely resetting.”
The trader draws a critical price level, approximately $2.23 (0.00003657 BTC), that the asset should break through in order to spark a new rally.
At the time of writing Cardano trades at $2.00, according to CoinGecko.
Ethereum (ETH)
Looking into Ethereum (ETH), Van de Poppe is also updating his outlook on the second largest crypto asset by market cap. ETH has been perfoming really well recently, but the trader warns the leading smart contract platform “could be facing a corrective move relatively soon.”
Van de Poppe comments on Ethereum:
“At this point, I would not be chasing a trade at all.
I would be looking at potential opportunities to scale in on a lower time frame and just wait it out for a little, or check out whether other altcoins are looking interesting.”
At the time of writing, Ethereum is up 0.2% over the past 24 hours, trading at $4,562, according to data from CoinGecko.
Bitcoin (BTC)
Looking into the largest cryptocurrency by market cap, the analyst says that Bitcoin has been stuck above crucial support levels without much of upside movement. He further identifies key resistance to break to see further rally.
“We’re still stuck above the crucial level, 59k to 56k. We didn’t really jump heavily off that level, but I find it’s still very important to keep the support at those ranges.
Crucial level here is the area around $61.5k. If that holds, we might attack range high again, otherwise I’m assuming a retest at $58k could happen for Bitcoin.”
Crucial level here is the area around $61.5K. If that holds, we might attack range high again otherwise I'm assuming a retest at $58K could happen for #Bitcoin. pic.twitter.com/7spo56GWxV
