Michaël van de Poppe, a popular cryptocurrency analyst and trader, who is previously known as Crypto Michael, is outlining the crucial levels for Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Polkadot (DOT).
According to Crypto Michael, in a new video first published by Daily Hodl, $36,000 is an acceptable level for Bitcoin (BTC), the largest cryptocurrency, to drop to. However, the crypto strategist pointed out that Bitcoin should not drop beyond that level.
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Michaël van de Poppe noted:
“This entire level between [$35,000] to [$36500] is where I’m looking at. Right now we probably are going to have some sort of relief bounce to [$39,000] before we most likely are going to continue downwards at this stage.
Anything of bullishness that I’m looking at is either a flip of [$39.3 thousand] that’s going to trigger continuation to [$40,800], but if we really want to start pushing to the upside, [$40,800] is the level that you should be looking at.”
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The crypto analyst also pinpointed the two crucial price levels where traders can buy Ethereum (ETH), the 2nd largest cryptocurrency by market capitalization.
The analyst stated that crypto investors can also look at the performance level of Ethereum (ETH) against Bitcoin (BTC) to know how profitable the investment in a number of altcoins, such as Polkadot (DOT), could be:
“One is around $2,300, the second one is around $2,150, which is similar to Bitcoin going to $36,000. On the upside, we just lost support, so if we crack and flip $2,530, that would generate bullish continuation and we probably test the highs again and we also have $2,600 as a potential breaker here so I’m looking at a slight bounce.”
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“Where Bitcoin is making a new lower low, Ethereum against Bitcoin is making a new higher high in this trend through which you’re going to seek for this higher low to be happening here, so anywhere in this region around 0.06 is where you should be looking at for longs for altcoins.
If you look at altcoins, for instance, with Polkadot, you can see we’ve made those lower lows and we’re shifting the trend. So where are you looking at for potential longs on Polkadot? You’re going to look at anything in this range of 14 bucks to 16 bucks as a flip, maybe high 13s – that should be flipping.”
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According to Van de Poppe in a tweet on 4th August, Cardano (ADA), the fifth-largest cryptocurrency by market capitalization is currently bullish and has experienced a great bounce from support.
The analyst currently hopes to see ADA hold the support at the $1.25 level. He then indicated that a sustained break above the $1.47 resistance level is next to watch for Cardano (ADA).
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