Top Crypto Trader Analyzes Bitcoin and Ethereum, Describes What Could Happen After Corrective Action

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Cryptocurrency analyst Michal van de Poppe says Bitcoin (BTC) could see another corrective measure before appreciating.

Van de Poppe tells his 143,000 YouTube subscribers that Bitcoin price action has upside potential, which could later trigger a downward movement before another rally ensues.

“The price action right now, looking at the daily pattern, might indicate a potential for an upward wedge, leading to a potential breakdown that would occur at some point later, in which we get another corrective movement before we end up . goes up.

Popular crypto analyst says Bitcoin needs to break above the resistance level of $ 66,000 for a rally to materialize.

“The crucial resistance that we have to go through is whatever level we have here.

I mean $ 66,000 is where we want to go if you want to have bottom-up momentum. “

Van de Poppe says that if the support level collapses around $ 62,000 and $ 63,000, Bitcoin could drop to around $ 58,000.

“However, if this area is lost [$62,000-$63,000], the case for this heavier corrective measure is actually on the books.

So we’ll move back down to the other side of the range, and then we’ll find ourselves facing $ 58,000 as the next level of a test of support. “

Bitcoin is trading at $ 65,100 at the time of writing.

In the case of Ethereum (ETH), Van de Poppe says that as long as the second largest crypto asset support area between $ 4,600 and $ 4,300 holds, the outlook remains bullish.

Right now we’ve had another nice new test taking place at $ 4,450. But preferably, and that’s what I wanted to see, is that you don’t really break under something around $ 4,600.

So you don’t really want to crack below because if you crack heavily below you’re going to make those long stops here [around $4,000] also. And at this point we’re fine, so we can continue to grind or chop in that area that we have here.

Ethereum is trading at $ 4,700 at the time of writing.

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