Popular crypto strategist and trader Michael van de Poppeshared his views on two potential scenarios as Bitcoin continues to trade below $60,000.
Speaking on his 147,000 subscriber YouTube channel van de PoppeHe stated that Bitcoin will either retake $60,000 as a support level or create a ‘double-bottom’ structure at $55,000 before re-igniting the uptrend.
“At this point, we can conclude that we have made lower highs, lower lows where we retested previous levels… In this case, jumping back to support ($55,000), 60,000 dollarsWe can reach the resistance level of .
If this resistance level turns into a support, we can start to move up. If this level is rejected it is most likely to get a bullish divergence that we don’t have at the moment. $55,000A retest may come at the lowest levels of . And if such a bullish divergence were to be caught, it would be a sign of a market reversal.”
Van de Poppe, who also examines the smart contract platform Ethereum, says that ETH can go higher than Bitcoin after it manages to turn a critical resistance area into support.
“Ethereum (ETH) Critical resistance is marked around $4,500. This level needs to be broken. If we break this level, I think we will continue to rise to all-time highs. Overall, it shows more strength and looking at the weekly time frame, a retest ($4,000) could occur here, which could cause the markets to continue further.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.