Popular cryptocurrency analyst Michaël van de Poppe examined what could happen in Bitcoin (BTC) and Ethereum (ETH) price movements in the coming days, with the correction of the digital asset market.
In his new video, Van de Poppe said that Bitcoin is hovering at an important price level that could determine its momentum in the short-term:
“If we look at the daily time frame, it is a very important one that we find support for ourselves. We’re seeing levels, and that’s around $41,000. This small area is one that you should watch, whether we have technical support or not. If that too is to be lost in the next week or the coming weeks, the entire structure is lost. $41,000 is literally the hurdle between another test of $46,000 and potentially entering that range or falling completely below it and testing lower.”
Van de Poppe says he bought Bitcoin around $41,000, but also highlights that if the critical support area is broken, he could see a sharp move up to $37,000 or $35,000. At the time of writing, Bitcoin was trading around $42,500.
As for Ethereum, Van de Poppe says that ETH is facing areas of heavy resistance and will consolidate before firing up the next leg.
“We can see that we have two big order blocks on the weekly time frame [$3100 and $4k], because resistance is coming in and what we are currently rejecting is $3100. In that case, I assume that unless Ethereum regains the $3100 level, we will have a longer period of sideways movement before we start running again.”
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