Crypto trader Michaël van de Poppe outlines key areas to hold for Bitcoin, Ethereum and Cardano amid volatile price action across the crypto markets in the last 24 hours.
In a new video, Van de Poppe tells his 106,000 subscribers that Bitcoin (BTC) must stay above a key level to avoid losing 20% more of its value.
“At this stage, if we are going to continue making this range-bound movement, the area that we have marked green ($30,000) is the area that we should be holding as support. If that is lost, I think we’re going to have a fallback towards $24,000. That’s the next support zone.”
While Bitcoin briefly took out Van de Poppe’s support area, dropping to a new 90-day low of $28,893, the leading crypto asset is currently in the midst of a strong rebound, as it records a 24-high of $34,243, according to CoinMarketCap. With the bounce, Van de Poppe says that Bitcoin must take out resistance of $35,500 to sustain its ascent.
As for Ethereum, Van de Poppe highlights that ETH has tapped a support around $1,758 after yesterday’s pullback.
“Ethereum at next support.”
The leading smart contract platform has since bounced and is trading at $2,034 according to CoinMarketCap.
Looking at Cardano against Bitcoin (ADA/BTC), Van de Poppe says the pair breached critical support of 0.000038. However, the crypto trader highlights that recovery of this key area could inspire bullish momentum.
“Cardano lost a critical support zone, and we’re looking at the next level of support around 3,000 satoshis (0.00003). Bullish if we reclaim the previous support level.”
At time of writing, ADA/BTC is attempting to reclaim the support as it trades at 0.00003731, up over 8% from yesterday’s low of 0.00003440.
Van de Poppe is also noticing the ability of Cardano (ADA/USDT) to withstand the sell-off amid the wild price action across the crypto markets.
“Impressed with the ADA strength.”
The fifth-largest crypto asset is currently trading around $1.27, bouncing 27% from yesterday’s low of $1.00.
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