A popular crypto analyst is digging into the charts to see what’s next for Bitcoin (BTC) as well as one enterprise-grade blockchain platform.
In a new post, Michaël van de Poppe alerts his 602,500 Twitter followers that he’s eyeing $29,300 as a key make-or-break indicator for Bitcoin.
“Still watching the level at $29,300 for Bitcoin.
If that sustains, I’ll see continuation happening on the markets.
If that’s lost, I’m looking to see whether we sweep the actual lows and hit $26,000.”
Van de Poppe dives even deeper in a video strategy session where he tells his 166,000 YouTube subscribers that Bitcoin is likely to hold the critical window between $29,200 to $29,400.
“The chances that we’re going to get towards $32,834 and then still drop back to retest $27,000 [or] $28,000 is a very likely scenario in which you get a prolonged accumulation period for the markets.
Right now, I think that the odds are favorable, especially with the indices bouncing up and the DXY [US dollar index] showing weakness, that we’re going to hold $29,300. That is the crucial breaker for me, so this entire block at $29,200 to $29,400 is the one that I think that we should be holding.
If we are not holding that, we are sweeping these lows ($28,000) and then we are going to continue cascading south, and I’m expecting to test the lows, and then I’m looking at the bullish divergence to finalize the correction, and then I’m starting to attack longs again.”
Van de Poppe concludes his Bitcoin analysis by saying that after nearly two months of BTC trading negative, he expects the leading crypto asset by market cap to rise once again.
At time of writing, Bitcoin is down 2.5% and trading for $29,235.
Van de Poppe also takes a look at the Ethereum (ETH) competitor Fantom (FTM), which fell off a cliff on May 11th when most of the markets also bled heavily. The trader now wonders if FTM can join the altcoin rally he anticipates will soon take place.
“Everything looks to be making a breakout in the coming week.
In that case, some altcoins have been destroyed heavily and one of them is FTM.
Watching whether $0.325 can hold for support.
If that’s the case, a breakout above $0.36 – 0.38 leads to $0.45.”
Fantom currently is up 6.05% in the last 24 hours and is priced at $0.35.
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Featured Image: Shutterstock/Natalia Siiatovskaia/Art Furnace
