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.”