Analyst Van de Poppe: LUNA And ATOM Look Strong Against Bitcoin
Michaël van de Poppe, a top crypto analyst and trader, is looking into altcoins that could present good opportunities, as the wider crypto market looks uncertain in the current macroeconomic and geopolitical situation.
In a recent video update, the analyst shared with the 165K subscribers to his YouTube channel that there are two larger altcoin projects that are looking good against Bitcoin (BTC): Terra (LUNA) and Cosmos (ATOM).
“Altcoins in itself, how should you determine the actual strength? Through Bitcoin pairs.
We can see that the Bitcoin pairs are not showing too much strength except for LUNA and the ATOM ecosystem.”
According to van de Poppe even Ethereum (ETH) isn’t keeping up with BTC right now. However, the analyst says that altcoin traders should take heed.
“ETH against Bitcoin is dropping down. The Bitcoin pairs are losing momentum.
When it comes to altcoins, you clearly want to wait for additional confirmation or on fundamental grounds, which is rate hikes, but also on the price action of Bitcoin.
For instance, Bitcoin clearly having a bottom structure, clearly flipping $46k, those are two reasons you want to rush into altcoins at that point because then the scope for your trading is going to be changed.”
At the moment Bitcoin dominance remains strong, van de Poppe points out, and projects it to rise further, amid the existing broader macroeconomic and geopolitical situation.
“I think with altcoins it comes to taking it slow, relatively.”
As an example, the analyst looked into supply chain management blockchain VeChain (VET) against BTC.
“If we look at VET against BTC, the chart remains the same.
Heavy downtrend, on higher time frame support, but not looking like I’d want to jump in heavy until I get confirmation by a bullish S/R (support/resistance) flip.”
If we look at $VET against $BTC, the chart remains the same.
Heavy downtrend, on higher timeframe support, but not looking like I'd want to jump in heavy until I get confirmation by a bullish S/R flip. pic.twitter.com/r5tY8NxiTa
— Michaël van de Poppe (@CryptoMichNL) March 2, 2022
Looking into Bitcoin, the analyst believes it could still rise further up.
“Short term correction happened on Bitcoin after taking the liquidity again.
Looks to me like we’re going to see another run to the highs, as the correction is not as swift as we normally would be.”
Short term correction happened on #Bitcoin after taking the liquidity again.
Looks to me like we're going to see another run to the highs, as the correction is not as swift as we normally would be. pic.twitter.com/XKsjqUXQFF
— Michaël van de Poppe (@CryptoMichNL) March 3, 2022
At time of writing, Bitcoin is trading at $42,442, down 3.8% on the daily time frame.
