Michael van de Poppe Forecasts a Tricky Weekend for Bitcoin and Charts Ethereum and Litecoin

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An expert in crypto analysis is warning Bitcoin (BTC) traders that this weekend could be very difficult.

Michael van de Poppe, a prominent crypto trader told 644,000 of his Twitter followers to stop over leveraging BTC in the first weekend.

“We should feel happy if Bitcoin is above $16,600.

Grayscale has a tricky weekend ahead with tomorrow’s unemployment data.

We wouldn’t be crazy about leverage.”

Van de Poppe then explains more with a chart showing BTC needs to maintain the $16,600 threshold to avoid a crash.

Bitcoin is being supported again, but it’s not interested in longs at the moment.

You need to keep your balance at $16,600 or higher to avoid a low of $16,000 and maintain upward momentum.

Given the data at hand, I’d expect to see a little less for longs, around $17,000.

BTC traded at $16,828 in the last hour of writing

At the time of writing, Ethereum (ETH) was trading at $12,65, the leading smart-contract platform.

The theory still holds for Ethereum. Things are progressing as planned.

Van de Poppe then discusses the payments-oriented blockchain Litecoin. Yesterday, LTC was headed for $72. He has confirmed this hypothesis.

Probably later today, time for longs.”

Via this site

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