Crypto trader Michaël van de Poppe is looking at what’s ahead for Bitcoin and the smart contract platform Cardano (ADA).
The analyst tells his 420,000 Twitter followers that the best entry point for Cardano may be gone after the asset bounced off a key support level at $1.86.
“If you want to get into Cardano, this was the region where you would want to get into it, and the higher low that might be created.
So based on the daily timeframe, the best entry might be gone, but you’re still getting a better entry than the ones who have been buying around $2.80.”
Van de Poppe is now looking to see if ADA can turn resistance at the $2.37 level into support.
If the markets correct further, he is keeping an eye on the $2.15 level as a potential buy zone.
“When you’re looking at the four-hour time frame, I think you’re getting the exact same view as what you have right now on Bitcoin and [Ethereum], actually. So you’re going to look for an entry point which is around the fact of $2.15, so anything in this region might be a good entry point if we get a corrective move.”
Looking at the Bitcoin pair, van de Poppe thinks that ADA will most likely consolidate briefly after retesting support at its previous all-time high.
“We can see that we’ve had a beautiful retest of the previous high here too, and therefore some consolidation is most likely going to take place before we’re going to have new impulse waves.
So both the USDT and BTC pair are looking for continuation, and I think that’s just great, and I think that’s just what we want to see with the markets right now.”
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