Popular crypto strategist Michaël van de Poppe says Bitcoin (BTC) bulls are setting the stage up for a fresh rally while predicting a shallow pullback for Ethereum (ETH).
In a new strategy session, Van de Poppe tells his 165,000 YouTube subscribers that he’s bullish on Bitcoin after BTC breached its resistance around $45,000 that has kept the market range-bound for more than two months.
“As we have been breaking out of this two-month range, it seems quite likely that the chances are that we’re going to moving and get ourselves in the next range. This area between $46,000 and $51,000 that is the next area where we could be expecting continuation to be happening.”
At time of writing, Bitcoin is exchanging hands for $45,208.
In a new Twitter post, Van de Poppe notes that while Bitcoin is showing some signs of weakness, the largest crypto asset by market cap still looks strong as long as it stays above $44,700.
Looking at leading altcoin Ethereum, Van de Poppe says that the top smart contract platform is primed for a breather after a strong rally from its 2022 lows of $2,159.
“We have been making higher lows. We have been sweeping the previous highs, and we are continuing the actual momentum towards the next resistance zone as we have been sweeping the final high, too, and the next resistance zone can be found around $3,600, and we’ve got one at $3,800.
I would not be expecting it to break through that resistance in one go. [A] small bearish divergence [is] being created here, too, and currently, it is hovering at the crucial level of support ($3,400). If that is lost, I’m assuming we’re going to retest $3,100 again.”
Ethereum is currently trading for $3,342, down nearly 5% in the last 24 hours. With the latest retracement, Van de Poppe says the bearish divergence is starting to play out.
“Ethereum looks ready for a deeper connection, based on the weakness of the run + the bearish divergences potentially being ready to be played out.”
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Source: https://dailyhodl.com/2022/04/06/bitcoin-btc-gearing-up-for-new-rally-as-ethereum-eth-takes-a-breather-analyst-michael-van-de-poppe/