Popular crypto strategist Michaël van de Poppe is looking at what’s ahead for Bitcoin (BTC) and Ethereum (ETH) in the coming days as the broader digital asset market corrects.
In a new strategy session, Van de Poppe tells his 165,000 YouTube subscribers that Bitcoin is hovering at a key price level that could dictate Bitcoin’s momentum in the short term.
“If we are looking at the daily timeframe, we are also seeing a very important level that we are finding ourselves support and that is the area around $41,000. This slight block is technically the area that you should be watching whether we find ourselves support yes or no. If that one is going to be lost in the coming week or in the coming weeks, the entire construction is lost.
[$41,000] is literally the barrier between another test of $46,000 and potentially getting into that range or dropping all the way beneath and testing lower levels.”
Van de Poppe says he’s buying Bitcoin around $41,000 but also highlights that if the crucial support area breaks, he’s could see a sharp move down to $37,000 or $35,000.
At time of writing, Bitcoin is trading at $41,883, down 1.20% in the last 24 hours.
As for Ethereum, Van de Poppe says ETH is facing heavy resistance areas and is likely to consolidate before it could ignite the next leg up.
“We can see that we’ve got two big order blocks [$3,100 and $4,000] on the weekly timeframe as resistance is coming in and [$3,100] is the one that we’re currently rejecting on. In that case, I’m assuming that we’re going to have a longer period of sideways action before we can actually start running again unless Ethereum regains the level of $3,100.”
I
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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/Tithi Luadthong
The post Here’s What’s in Store for Bitcoin and Ethereum This Week, According to Crypto Analyst Michaël van de Poppe appeared first on The Daily Hodl.
