A widely followed crypto trader warns that king crypto Bitcoin (BTC) is still at resistance despite gaining 9% over the last seven days.
Crypto analyst Michaël van de Poppe tells his 637,600 Twitter followers that BTC was rejected at the $20,800 price zone.
“Bitcoin still within resistance here, as it rejects around $20,800 and [low-time frame] also rejects at $20,750.
Not favoring day trading longs here, I’m technically searching for the scenario given in the chart, area around $19,900-$20,200.”
Updating his followers early Friday morning, Van de Poppe says he thinks BTC is in a good price range for long trades if the largest crypto by market cap can find support around $19,600-$19,900.
“Bitcoin miners are capitulating, as hash rates rally to [all-time highs]
Meanwhile; from a technical standpoint, BTC looks to reach long territories here.
Sweeping the low and should hold around $19,900.
If that doesn’t grant support, then I’m looking at $19,600.”
Bitcoin is trading for $20,620 at time of writing, down 0.6% on the day despite being up for the week.
Van de Poppe also takes a moment to investigate the leading smart contract platform and second-largest crypto by market cap, Ethereum (ETH). With ETH currently trading for $1,554, the crypto trader senses resistance at $1,600.
“Ethereum still facing resistance around $1,600-1,650 here.
Might question whether we’ll continue the rally, and we clearly need to crack that resistance, and then face $1,750.
Short term, I’d love to have entries around $1,400-1,450.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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