Van De Poppe Updates Price Targets For Bitcoin (BTC) And Ethereum (ETH)
A bullish start of the day! It was more than a month that the global crypto market was trading below $1 trillion and a couple of days before the market cap did climb at $1 trillion before dropping. However, today once again the world wide crypto market cap is trading above its crucial mark with a surge of 1.73% over the last 24hrs.
On the other hand Bitcoin has gained 2.16% in the last 24hrs to trade at $20,668 pushing other major cryptocurrencies like Ethereum, XRP, BNB, Cardano and others.
However, one of the most closely followed crypto analysts and traders, Michael van de Poppe is of the opinion that the King currency is still around its resistance even when the currency has surged above $20,500.
The analyst makes an effort to inform his 637,600 Twitter followers that as Bitcoin was earlier rejected at $20,800 the currency is still below its resistance. He also says not to go long for now.
#Bitcoin still within resistance here, as it rejects around $20.8K and LTF also rejects at $20.75K.Not favouring daytrading longs here, I'm technically searching for the scenario given in the chart, area around $19.9-20.2K. — Michaël van de Poppe (@CryptoMichNL) October 27, 2022
The strategist further claims that if Bitcoin finds its support around $19,600 and $19,900, the currency will favor the traders who are looking for long.
He says that if Bitcoin fails to hold its support around $19,900 then the next support should be at $19,600.
#Bitcoin miners are capitulating, as hash rates rallies to ATH's. Meanwhile; from a technical standpoint, $BTC looks to reach long territories here.Sweeping the low and should hold around $19.9K. If that doesn't grant support, then I'm looking at $19.6K. — Michaël van de Poppe (@CryptoMichNL) October 28, 2022
Next, Van de Poppe talks about the lead altcoin, Ethereum where he asserts that for ETH the resistance lies around $1,600 and $1,650. He believes that it is necessary to move beyond the mentioned resistance to trade around the next resistance at $1,750.
#Ethereum still facing resistance around $1,600-1,650 here.Might question whether we'll continue the rally, and we clearly need to crack that resistance, and then face $1,750.Short term, I'd love to have entries around $1,400-1,450. — Michaël van de Poppe (@CryptoMichNL) October 27, 2022
At the time of reporting, Ethereum is selling at $1,580 after a surge of 4.84 over the last 24hrs.Source