A widely followed crypto analyst is updating his forecast for the two leading cryptos by market cap as the markets crash.
Earlier this morning, crypto trader Michal van de Poppewarnedhis 613,900 followers that Bitcoin (BTC) must hold the $19,300 region as final support.
“Not holding support for Bitcoin and we’re looking at $19,300 zone next…
Interested to see price reaction here, but looking for more confirmation overall before entering into longs.”
Van de Poppe thenshareda chart theorizing what BTC must do to confirm a bullish divergence.
“Bitcoin is probably seeking for something like this to confirm bullish divergences on higher timeframes too.”
WithBitcoincurrently trading beneath Van de Poppe’s highlighted $19,300 level at $19,158, the trader has sinceupdatedhis followers with a grim forecast concerning the above chart.
“Might be a case, but stuff doesnt look good.”
Bitcoin appears to be faltering with the rest of the crypto markets and is down 5.5% over the last 24 hours.
Van de Poppe then turns his attention to leading smart contract platform Ethereum (ETH), down nearly 50% in the last month. This morning, Van de PoppepredictedETH would fall towards $1,060 if $1,140 failed to hold.
“Important area for me on ETH is the area between $1,140-1,170. Would like to see it hold if we want to see further upwards momentum.
If not -> $1,060 area next to me.”
At time of writing,Ethereum has dropped below Van de Poppe’s noted $1,140 area and is currently trading for $1,028.
Check Latest News Headlines
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.
Featured Image: Shutterstock/Jemastock/Fotomay/monkographic