Popular crypto strategist Michael van de Poppeshared his views on what could happen for Bitcoin (BTC) and Ethereum (ETH) in the coming days, when the correction in the cryptocurrency market will continue.
Van de Poppe thinks that Bitcoin is navigating important price levels that could determine price momentum in the short term.
“If we look at the daily time frame, we can see a very important level where we can find support, which represents around $41,000. This little block is an area we should watch, whether we technically get yes or no support. If that level is to be lost in the next week or the coming weeks, all momentum will be broken.
$41,000 is literally the hurdle between another test of $46,000 and potentially entering that range or falling completely below it and testing lower.”
Van de Poppe, around $41,000 Bitcoin (BTC) He also noted that if the critical support area is broken, he could see a sharp move to $37,000 or $35,000.
At the time of writing, Bitcoin is trading at $41,883, down 1.20% in the last 24 hours.
Ethereum (ETH) On the subject, Van de Poppe thinks ETH is facing areas of heavy resistance and is likely to converge before firing the next leg.
“We can see that we have two major order blocks on the weekly time frame, $3100 and 4000, because resistance is coming in and what we are currently rejecting is $3100. In this case, I assume that unless Ethereum regains the $3100 level, there will be a longer sideways move before it starts running again.”
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.