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 Michaël van de Poppe warned his 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 then shared a 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.”
With Bitcoin currently trading beneath Van de Poppe’s highlighted $19,300 level at $19,158, the trader has since updated his followers with a grim forecast concerning the above chart.
“Might be a case, but stuff doesn’t 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 Poppe predicted ETH 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.