Top Trader Updates Outlook on Ethereum Rivals Cardano and Fantom, Says Bitcoin Must Hold $23,000 to Avoid Larger Pullback
A broadly adopted crypto analyst is updating his outlook on Bitcoin (BTC), Cardano (ADA) and Ethereum (ETH) rival Fantom (FTM) after the Federal Reserve raised rates of interest by 1 / 4 proportion level.
In a brand new technique session video, crypto strategist Michaël van de Poppe tells his 163,000 Youtube subscribers that if Bitcoin fails to carry a key assist stage of $23,000, then the king crypto is probably going heading decrease by almost 10% from its present worth.
“What can we see on the worth motion at this level? Volatility is loopy at this stage through which we’ve obtained the assist bounce at $22,400.
We’ve obtained this rally through which we took out the excessive and now we’re rejecting on the earlier excessive once more which finally outcomes into additional draw back, through which I’m marking $23,000 as an vital indicator to control.
We have to keep above $23,000. If we don’t maintain $23,000, we’re going to appropriate again in the direction of $21,200.”
Bitcoin is value $23,532 at time of writing.
Van de Poppe additionally tells his 646,600 Twitter followers that Cardano is just not exhibiting energy to the upside. He units a decrease assist stage of $0.35 if there’s a correction. However he says if Cardano can flip $0.42 into assist, he would search for a run as much as $0.50.
“Didn’t see any energy as of but. I’d be taking a look at a case the place I’d wish to search for longs round $0.35 if a correction happens or when the realm at $0.42 flips for assist.”
Cardano is buying and selling for $0.40 at time of writing.
Lastly, he says Fantom is nearing the upper timeframe resistance stage of $0.66 and will dip to $0.50 earlier than bouncing again up.
“Greater timeframe resistance approaching right here because it’s closing the hole. If there’s a dip, I’d have an interest round $0.50 on this one.”
Fantom is value $0.64 at time of writing.
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