Famous Analyst Announces The Levels To Watch In Bitcoin!
Bitcoin ( BTC ) dropped $ 700 in one day from $ 11,800 to $ 11,100 and saw a short-term correction.So, has the overall bullish momentum gone from the crypto markets? World famous cryptocurrency analyst Michael van de Poppe shared his analysis on Cointelegraph; explained their comments and levels to follow. On the bull market in jeopardy, he said, “Given the strong gains from Chainlink (LINK) and Tezos (XTZ), the bull market still exists,” he said.
Bitcoin has significant support at $ 11,200
According to Michael van de Poppe, if Bitcoin wants to sustain its bullish momentum, the key support lies between $ 11,100 and $ 11,300 as shown in the chart below.
According to the analyst, the daily chart shows a very important level of support in the green area. As long as this support is sustained, further momentum can be expected. However, when Bitcoin’s price drops the support level from the $ 11,100-11,300 range, expectations are for the price to drop significantly towards the $ 10,000 area. The next major support zones are between $ 9,700-10,000, similar to the CME futures spreads, according to the analyst.
Open spreads are tested and closed quite often before the market continues to rise. In this case, the price picked up over the weekend and the CME gap remained open between $ 9,650-9,900, according to Van de Poppe.If Bitcoin breaks below $ 11,200, it is possible to expect the price to continue to drop towards these areas. Not only the horizontal support levels in this area, but also the 100 and 200-day moving averages are constantly approaching these areas to provide support.
What are the levels to watch in the short term in Bitcoin?
Cointelegraph analyst plots the short term levels to watch. On the upside, the net resistance levels are seen at $ 11,700-11,800 and $ 11,950-12,050.
In the short term, as the price rose at relatively low levels, the trend changed. Lower peaks generally show more downward acceleration; Therefore, if the Bitcoin price wants to see $ 15,000, it is very important to break these resistance levels. However, it is also crucial to maintain support at $ 11,100-11,250, according to Van de Poppe. If this level does not support the next test, a drop towards the $ 10,800 or $ 10,000 levels is likely to be expected.
Bullish scenario in Bitcoin
According to Van de Poppe, the bullish scenario is simply defined. First of all, a rejection at $ 11,700 can be expected, then a $ 11,400 test should provide support. If this scenario happens, there could be a possible breakout above $ 12,000, according to the analyst. So what will be Bitcoin’s target after these levels ? The analyst believes the major resistance zone of $ 11,800-12,000 is the last levels before reaching $ 15,000.
The bear scenario for bitcoin
The bearish scenario, according to analyst, is highly critical as rejecting the $ 11,700 level could lead to a significant drop. However, the $ 11,400 level does not provide support in the bearish scenario. With such a drop, the $ 11,200 level can be tested another time, and the more often a level is tested the weaker it gets.
If $ 11,200 does not provide support in the next test, it could be down to $ 10,000, according to Van de Poppe.