Crypto Michael Reveals Key Areas Bitcoin, Ethereum, and Cardano Must Maintain to Avoid Further Slump
Michaël van de Poppe, a cryptanalyst and trader, popularly known as Crypto Michael, has outlined the areas that Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA) must maintain to avoid further liquidation, as the prices of cryptocurrencies in the market they continue to exhibit notable volatility.
In a new video first reported by Daily Hodl, Van de Poppe told his many followers that the flagship cryptocurrency, Bitcoin (BTC), must have a support level of $ 30,000 to avoid losing relatively 20% of its value.
Crypto Michael noted:
“At this stage, if we are going to keep making this range limit move, the area that we have marked in green ($ 30,000) is the area that we should hold for support. If that is lost, I think we will have a pullback towards $ 24,000. That is the next support zone ”.
Despite the fact that Bitcoin (BTC) briefly lost the support area, leading to the drop to a fresh 90-day low of $ 28,893, the king of coins has shown a magnificent price resurgence to trade above of $ 34,000. With this new development, the trader said that Bitcoin must also break above the $ 35,500 resistance level to maintain the positive trend.
Crypto Michael tweeted:
“Bitcoin continues to act in support here, with the deciding factor at $ 35.5K. If this support does not hold, I see $ 24K as the next area ”.
As for the second-largest cryptocurrency by market cap, Ethereum (ETH), Van de Poppe noted that the crypto has gained support at around $ 1,758 after the notable correction that recently unfolded.
At the time of this report, Ethereum (ETH) is trading at $ 2,012, with a relatively 3% price increase in the last 24 hours, according to CoinMarketCap.
"Ethereum in the next support".
In the case of Cardano (ADA) versus Bitcoin (BTC), Van de Poppe said that the trading pair broke the critical support of 0.000038, but the recovery in this area could ignite bullish momentum.
“Cardano lost a critical support zone, and we are seeing the next support level around 3,000 satoshis (0.00003). Bullish if we recover the previous support level ”.