The price of BTC has been essentially flat over the past week in cryptocurrencies, and it is currently trading below the $ 62,000 threshold. The key to continuing the rise is for Bitcoin to go above $ 64,000. This week, Ethereum hit a new all-time high of $ 4,670 and is currently up sharply.
Michaal van de Poppe, a well-known crypto trader, examines the current state of Bitcoin, Ethereum and Cardano. Van de Poppe is informing his 469,000 Twitter followers that a bullish divergence for smart contract platform Cardano could be brewing (ADA).
by Cardano The previous March high could turn into a support line for the crypto asset, as its Relative Strength Index (RSI) is “totally reset,” according to Van de Poppe.
Van de Poppe sees a significant price point of $ 2.23 (0.00003657 BTC) that ADA must cross in order to start another long-term advance. According to CoinGecko, Cardano is currently trading at $ 1.98.
Van de Poppe also provides an update on Ethereum current situation (ETH). Van de Poppe warns that the dominant smart contract platform “may face corrective movement very soon” in light of its recent expansion.
Regarding Ethereum trading, the crypto analyst advises,
“At this point, I wouldn’t be pursuing a trade at all. I would look at potential opportunities to evolve in a shorter time frame and wait a bit. [while], or check if other altcoins look good.
According to Van de Poppe, Bitcoin (BTC) is the most valuable cryptocurrency by market cap. We’re still stuck between 59k and 56k, which is a critical level. Although we have not strayed from this level, I think it is still essential to maintain assistance in these areas.
More “critical levels” for BTC are identified by the analyst. The $ 61.5,000 level is the critical level here. If this holds, we could hit the top of the range again; if not, I expect a retest of $ 58,000 for Bitcoin.