The Altcoins That Suffered Hardest Despite Bitcoin’s Latest Rally
November 6th 2020
Crypto analyst and trader Michaël van de Poppe says he believes Bitcoin’s big breakout is not over yet.
“Last hours are showing acceleration as we’re approaching next weekly level around $16,000.
The U.S. stocks are also doing their work as they’re up about 7% (Nasdaq) in the previous 36 hours. Let’s see where BTC will end, before or after $16K.”
The analyst says he thinks Bitcoin will surpass its all-time high early next year, and he’s looking for healthy corrections along the way.
“It’s intriguing that accounts shout that BTC has an easy ride from here towards $20K. I don’t see that happening in one go. Sideways, corrective movements would fuel an even stronger move. New ATH Q1 2021 most likely.”
In a series of strategy sessions, Van de Poppe says ETH’s next line of resistance is $450. ETH needs to hold above $378 to support a sustainable rally, he says, with the “critical level” established between $368 and $378.
As for XRP, the analyst says traders should wait for the crypto asset to build sustainable momentum and surpass the 30 cent mark before buying.
“If we reclaim 1900 sats, I’d be definitely interested. If we get a bounce up and we jump back down again and reclaim this level here [at 1660 satoshis] we are establishing that will also mean that we have a bullish divergence and that will trigger a long entry.”