What are the coming days for Bitcoin and ETH?
Prominent strategist Michaël van de Poppe takes a look at what’s to come for Bitcoin and ETH in the coming days as most of the digital asset market corrects.
In a new strategy session, Van de Poppe says Bitcoin is oscillating at a key price level that could determine near-term dynamics.
“If we were to look at the daily timeframe, we would also see a very important level where BTC finds support and that is the $41,000 area. Technically, this small block is an area where you should watch to see if the price actually finds support. If this is not accomplished within the next week or so, the entire structure will be lost.
$41,000 is indeed a barrier during a test of $46,000 and there is an opportunity to go into or below that area to test lower levels.”
BTC/USD | Source: Michael van de Poppe
Van de Poppe said he is buying Bitcoin at around $41,000 but also stressed that a dip to $37,000 or $35,000 is expected if the key support area is broken.
At the time of writing, Bitcoin is trading at $42,552, down 0.3% over the past 24 hours.
Regarding ETH, Van de Poppe said that the price is facing “heavy” resistance areas and is likely to consolidate before triggering the next rally.
“ETH received two major blocks at $3,100 and $4,000 on the weekly timeframe when resistance formed and $3,100 is the block where the price is currently rejected. In that case, unless ETH revisits $3,100, I expect ETH to have an extended sideways phase before actually starting to rally again.”
ETH/USDT | Source: Michael van de Poppe
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What are the coming days for Bitcoin and ETH?
Prominent strategist Michaël van de Poppe takes a look at what’s to come for Bitcoin and ETH in the coming days as most of the digital asset market corrects.
In a new strategy session, Van de Poppe says Bitcoin is oscillating at a key price level that could determine near-term dynamics.
“If we were to look at the daily timeframe, we would also see a very important level where BTC finds support and that is the $41,000 area. Technically, this small block is an area where you should watch to see if the price actually finds support. If this is not accomplished within the next week or so, the entire structure will be lost.
$41,000 is indeed a barrier during a test of $46,000 and there is an opportunity to go into or below that area to test lower levels.”
BTC/USD | Source: Michael van de Poppe
Van de Poppe said he is buying Bitcoin at around $41,000 but also stressed that a dip to $37,000 or $35,000 is expected if the key support area is broken.
At the time of writing, Bitcoin is trading at $42,552, down 0.3% over the past 24 hours.
Regarding ETH, Van de Poppe said that the price is facing “heavy” resistance areas and is likely to consolidate before triggering the next rally.
“ETH received two major blocks at $3,100 and $4,000 on the weekly timeframe when resistance formed and $3,100 is the block where the price is currently rejected. In that case, unless ETH revisits $3,100, I expect ETH to have an extended sideways phase before actually starting to rally again.”
ETH/USDT | Source: Michael van de Poppe
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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