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.”
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
