Widely-followed crypto trader Michaël van de Poppe sees bullish signs for Bitcoin (BTC) and one other altcoin while naming support zones for two popular smart contract platforms.
In a recent series of tweets, Van de Poppe tells his 551,000 followers that Bitcoin’s price action is “creating a bullish divergence.”
“The lower timeframe on Bitcoin is creating a bullish divergence while being in massive support at $41K.
If it breaks $42.8-42.9K, a test of $46K is likely to happen and, then, the bullish divergence plays out.”
Bitcoin is currently trading at $42,011, just south of the crucial bullish divergence breakthrough levels identified on Van de Poppe’s chart.
Looking at the second-largest crypto by market cap, Ethereum (ETH), the trader predicts the bottom may be near despite a recent downward trend.
“Ethereum has been trending south heavily but actually hitting a massive area on the previous resistance at $3,320.
The next important level after the block is between $3,500-3,600.
Might be close to a bottom too.”
Ethereum is exchanging hands for $3,208 at time of writing, again just south of the crucial resistance levels identified by Van de Poppe’s chart.
When analyzing the price action of Cardano (ADA), Van de Poppe still sees the seventh-ranked crypto asset by market cap relying heavily on a support zone.
“Not much has changed on ADA.
Still on the lower bound of the range, which is heavy support.
Not the range to look for shorts, I’d rather look for longs.”
Cardano is currently trading for $1.24, well within the support band highlighted by Van de Poppe’s analysis.
Lastly, the crypto analyst looks at enterprise solution blockchain VeChain (VET), which he analyzes against the price of BTC.
“VET looks strong, but still needs to break above that level around 205-210 sats [$0.086-$0.088].
If that’s the case, bullish continuation is very, very likely.”
Van de Poppe also identifies the 0.00000150 BTC [$0.063] region as a support zone for VET to retest before taking off on a bullish continuation.
At time of writing, VeChain is trading for $0.080, 27% above the support zone identified by Van de Poppe.
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The post Crypto Analyst Michaël van de Poppe Updates His Outlook on Bitcoin (BTC) and Three Altcoins As Markets Stumble appeared first on The Daily Hodl.