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Leading cryptocurrency strategist and trader Michaël van de Poppe is mapping possible scenarios for Bitcoin, Ethereum and XRP as the leading cryptocurrency reaches a new all-time high on several cryptocurrency exchanges including Binance, Bitstamp and Kraken.
In a new strategic session, Van de Poppe says he believes Bitcoin is not yet ready to break through the key resistance at $ 20,000.
“Most likely, when you enter the resistance point of the range, we will reverse and test the low range again. I don’t expect we will see a continuation from this point here ($ 19,000) unless, what I just said, where I expect that we will at least go to this minimum testing range which is also the CME (Chicago Mercantile Exchange) at $ 17,000, and a gap like this is usually filled.
So, we could get this scenario where we’re going to cut in this range between $ 16,000 and $ 19,000.
The less likely scenario is that we decline, roll back to $ 18,300 and then drop to $ 14,000, and then start accelerating. ”
Looking at Ethereum, the trader predicts the leading smart contract platform will likely correct following Bitcoin’s lead.
“ETH at this point, we are only in the high end, which is similar to Bitcoin in general … Once Bitcoin starts to correct, I suspect ETH will correct too … If we lose this recent high around $ 589, it means that if we go down like this and immediately decline to $ 589, this gives a short trigger and so I’m looking at this range (around $ 490). ”
As for ETH / BTC, Van de Poppe expects the pair to continue to consolidate between 0.026 and 0.032 until the end of February 2021. At that point, the trader sees ETH / BTC eliminate the resistance of the 0.032 range.
The trader is also keeping an eye on XRP. Van de Poppe expects the third largest crypto asset to consolidate and trade around the $ 0.58 support.
“Nice rebound but now he’s refusing. This is the crucial breaker we held ($ 0.58). The crucial breaker that could fail is $ 0.617. So, once we go further and reject, that’s the point. “
https://www.youtube.com/watch?v=9_ZHeVynWRY
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Disclaimer: Opinions expressed in The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that transfers and trading are at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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