Popular crypto analyst Michaël van de Poppe is outlining key support levels for Bitcoin (BTC), Ethereum (ETH), Cardano (ADA) and Polkadot (DOT).
In a new video, van de Poppe says that at this point, $36,000 is an acceptable level for Bitcoin to drop to – but the price for the top crypto should not dip far below that level.
“This entire level between [$35 thousand] to [$36.5 thousand] is where I’m looking at. Right now we probably are going to have some sort of relief bounce to [$39 thousand] before we most likely are going to continue downwards at this stage.
Anything of bullishness that I’m looking at is either a flip of [$39.3 thousand] that’s going to trigger continuation to [$40.8 thousand], but if we really want to start pushing to the upside, [$40.8 thousand] is the level that you should be looking at.”
As for Ethereum, van de Poppe says he is looking at two price levels at which to buy the second-largest crypto by market cap.
“One is around [$2,300], the second one is around [$2,150], which is similar to Bitcoin going to [$36 thousand]. On the upside, we just lost support, so if we crack and flip [$2,530], that would generate bullish continuation and we probably test the highs again and we also have [$2,600] as a potential breaker here so I’m looking at a slight bounce.”
Van de Poppe says that investors can look at how Ethereum performs against Bitcoin to assess the profitability of altcoins such as Polkadot.
“Where Bitcoin is making a new lower low, Ethereum against Bitcoin is making a new higher high in this trend through which you’re going to seek for this higher low to be happening here, so anywhere in this region around 0.06 is where you should be looking at for longs for altcoins.
If you look at altcoins, for instance, with Polkadot, you can see we’ve made those lower lows and we’re shifting the trend. So where are you looking at for potential longs on Polkadot? You’re going to look at anything in this range of 14 bucks to 16 bucks as a flip, maybe high 13s – that should be flipping.”
Van de Poppe also says that Cardano is bullish and has seen a great bounce from support.
He’s looking to see if ADA can hold onto support at the $1.25 level. On the upside, he says a sustained break through the $1.47 level is the next region to watch.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Anna Berdnik/Yevhen Vitte/greenbutterfly