BTC’s price has been essentially flat during the last week in cryptocurrencies, and it is currently trading below the $62,000 threshold. The key to continuing the upswing is for Bitcoin to break above $64,000. This week, Ethereum hit a new all-time high of $4,670 and is currently in a strong upswing.
Michaal van de Poppe, a well-known crypto trader, examines the current condition of Bitcoin, Ethereum, and Cardano. Van de Poppe informs his 469,000 Twitter followers that a bullish divergence for the smart contract platform Cardano may be brewing (ADA).
Cardano’s previous high from March may be turning into a support line for the crypto asset, while its relative strength index (RSI) is “totally resetting,” according to Van de Poppe.
Van de Poppe sees a significant price level of $2.23 (0.00003657 BTC) that ADA needs to break through in order to start another long-term advance. According to CoinGecko, Cardano is currently trading at $1.98.
Van de Poppe is also providing an update on Ethereum’s current situation (ETH). Van de Poppe cautions that the dominant smart contract platform “may be facing a corrective move quite soon” in light of its recent expansion.
When it comes to Ethereum trading, the crypto analyst advises,
“At this point, I would not be chasing a trade at all.I would be looking at potential opportunities to scale in on a lower time frame and just wait it out for a little [while], or check out whether other altcoins are looking interesting.”
According to Van de Poppe, Bitcoin (BTC) is the most valuable cryptocurrency by market capitalization. We’re still stuck between 59k and 56k, which is a critical level. Although we didn’t take a big step away from that level, I believe it’s still critical to maintain assistance in such areas.
More “critical levels” for BTC are being identified by the analyst. The $61.5k level is the critical level here. If that holds, we could go after range high again; otherwise, I’m expecting a retest of $58k for Bitcoin.