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Crypto analyst and trader Michaël van de Poppe is sharing his insights on the trajectories of Bitcoin (BTC), Ethereum (ETH), XRP, Chainlink (LINK), and Swipe (SXP).
The analyst known in the industry as Crypto Michaël tells his 82,000 Twitter followers that he sees Bitcoin likely breaching resistance of $14,000 if it can hold above $13,678.
“Interesting bounce here and back into [the] resistance zone. Breaking this and we’ll go for the highs above $14,000.
Volatility is high and probably will remain high with the elections coming up.”
As for Ethereum, Van de Poppe says the ETH/BTC pair is poised to carve out a bottom after hitting a key resistance level in September.
“Rejected at range resistance at 0.038 and it is now trying to establish support at the range low which is between 0.024 and 0.026.”
Although ETH/BTC may bottom out at support of 0.024, Van de Poppe does not expect the pair to immediately start a new boom cycle.
“As you can see in the previous bottoming structures is that it takes a while. It starts to bottom out, makes a slight bounce, and then we start to make a compression, and the next bull wave starts.”
The crypto analyst is also looking at Chainlink, which he says is currently trading at a key level.
“If it loses the area around $10, which seems quite likely if Bitcoin is going to show weakness, which we do not know yet, but if we do get a lower high here, it is going to be quite likely that it will, then I’m going to look mainly at the $7 area for potential longs.”
XRP is also in the same predicament, says Van de Poppe.
“You don’t want to see the price drop below $0.22 – $0.23. If it holds here that’s fine but if it loses $0.23 – $0.22, I’m going to wait it out until it gets towards $0.19 as that’s the previous heavy support zone. If we do hold there, then we might be able to get another rally in towards $0.32 or maybe even $0.40 in the next cycle.”
The widely-followed trader is also bearish on SXP as he believes the utility token will continue its downtrend.
“At this point, we are at the support that I discussed. We are at $0.75. Are we going to hold here? I do not know for sure as there is no clear confirmation of any bottoming construction. But if we do not hold, the next area is around $0.57.”
Meanwhile, Van de Poppe warns his followers that altcoins have no bottom and they may continue crashing but he offers his two cents on timing the altcoin market.
“We’re going to see a sideways period for sometime which is the accumulation period before altcoins will wake up again.”
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Featured Image: Shutterstock/Sergey Nivens