Is Bitcoin ready to continue its bull market? Crypto trader Michaël van de Poppe analyzes the path ahead for BTC. Popular crypto strategist and trader Poppe also looks at two potential scenarios for Bitcoin as BTC continues to trade below $60,000. For details Cryptocoin. com
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Scenarios for Bitcoin
In a recent strategy session, Van de Poppe told 147,000 YouTube subscribers that he saw BTC either retrace $60,000 as support or form a double bottom structure at $55,000 before rekindling the bullish trend. Poppe says:
At this point, we can conclude that we made lower highs, lower lows where we retested the previous levels… In this case, we can head towards the support ($55,000) and bounce back to reach the critical resistance zone ($60,000). If this turns into [support], we can start to continue upwards. If it rejects, we will likely do a retest of the $55,000 lows to get a bullish divergence that we don’t currently have. And if we are to catch such a bullish divergence, it will be a sign that the market is going to reverse from here.
Looking at smart contract platform Ethereum, Van de Poppe says that ETH is more bullish than Bitcoin after it managed to turn a critical resistance area into support. Analyst says:
The critical resistance for Ethereum is around $4,500. This must be broken. If we break this level, I think we will continue towards all-time highs. Overall, this shows a lot more strength and when you look at the weekly time frame, a nice retest ($4,000) is taking place here, which could cause the markets to continue further.