Trading

Popular Crypto Analyst Breaks Down Bitcoin (BTC) and Ethereum (ETH) After a Week of Positive Price Action

A broadly adopted crypto dealer warns that king crypto Bitcoin (BTC) continues to be at resistance regardless of gaining 9% over the past seven days.

Crypto analyst Michaël van de Poppe tells his 637,600 Twitter followers that BTC was rejected on the $20,800 value zone.

“Bitcoin nonetheless inside resistance right here, because it rejects round $20,800 and [low-time frame] additionally rejects at $20,750.

Not favoring day buying and selling longs right here, I’m technically trying to find the situation given within the chart, space round $19,900-$20,200.”

Supply: CryptoMichNL/Twitter

Updating his followers early Friday morning, Van de Poppe says he thinks BTC is in a great value vary for lengthy trades if the most important crypto by market cap can discover assist round $19,600-$19,900.

“Bitcoin miners are capitulating, as hash charges rally to [all-time highs] 

In the meantime; from a technical standpoint, BTC appears to succeed in lengthy territories right here.

Sweeping the low and will maintain round $19,900. 

If that doesn’t grant assist, then I’m $19,600.”

Supply: CryptoMichNL/Twitter

Bitcoin is buying and selling for $20,620 at time of writing, down 0.6% on the day regardless of being up for the week.

Van de Poppe additionally takes a second to analyze the main sensible contract platform and second-largest crypto by market cap, Ethereum (ETH). With ETH at present buying and selling for $1,554, the crypto dealer senses resistance at $1,600.

“Ethereum nonetheless going through resistance round $1,600-1,650 right here.

May query whether or not we’ll proceed the rally, and we clearly must crack that resistance, after which face $1,750.

Brief time period, I’d like to have entries round $1,400-1,450.”

Supply: CryptoMichNL/Twitter

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Disclaimer: Opinions expressed at The Every day Hodl aren’t funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any loses chances are you’ll incur are your accountability. The Every day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please notice that The Every day Hodl participates in internet affiliate marketing.

Featured Picture: Shutterstock/4K_HEAVEN



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