Analyst known as Crypto Michael on social media commented on Bitcoin (BTC), Binance Coin (BNB) and Ethereum (ETH). The expert, who examined the daily charts of the coins, also analyzed the expected routes of BTC, BNB and ETH with the video he published.
After the decline in the crypto money industry since September, eyes turned to the future performances of the coins. Dutch commentator and trader Michael Van de Poppe, known as Crypto Michael on the Internet, studied the course of Bitcoin, Binance Coin and Ethereum for his followers. The famous analyst suggested that a appreciation on the Bitcoin front could bring a 25% to 50% rise for altcoins.
Crypto Michael underlined that after the decline of Bitcoin, eyes turned to CME gaps. Mentioning that there is a 2 CME gap for Bitcoin, the analyst said that traders see these gaps as resistance or support zones and trade accordingly. Michael stated that BTC is sensitive to such relationship and CME gaps.
Saying that the first CME gap was around $ 9,700 in July, the analyst emphasized that an uptrend was observed from then on. He said that the second is the CME gap, which was around $ 10,400 last day, which is a sign that the trend is coming to an end.
But the commentator, who argued that $ 10,000 is a very important support zone for Bitcoin to go up again, added that it is clearly seen that $ 10,300 is also a resistance zone. Thinking that the downtrend will come to an end within the scope of BTC holding on to 10 thousand dollars, Michael stated that the next targets could be $ 10,600 and $ 11,000 gradually.
After Michael made these comments, Bitcoin started to drop rapidly again and tested $ 10,000. Michael shared a chart on this sudden drop in the BTC price and said that BTC is struggling to maintain the $ 10,000 threshold. He explained that if it falls below this level, the next stop will be the $ 9,600-9,800 zone.
Binance Coin (BNB)
Crypto Michael said Binance Coin made a jump from there, holding on to $ 18.6 as the support zone. After this recovery, BNB managed to hold on to $ 21.5 and increased its value to $ 23.5 in the past 24 hours. Stating that the $ 23.5 level is a resistance zone for BNB, the analyst stated that in recent hours, BNB fell back to the $ 21 band with a reject. Michael emphasized that the rise can continue as long as BNB can take a while without falling below $ 20.
According to Michael van de Poppe, ETH, which seems to have picked up a little more after its decline in the last week, has returned to one of the support points, $ 315. Stating that the Ethereum price has been on a flatter chart after this point, the analyst said that ETH has retried the resistance of $ 355. However, ETH, which also experienced a rejection from this resistance, continues to trade at $ 340. Crypto Michael said that if Bitcoin declines towards $ 9,600, the ETH price could drop to $ 280.