October 2 – Crypto Michael analyzed Bitcoin and Ethereum charts with the video he published. Saying that the downtrend for Bitcoin continues, the analyst also pointed to the buying opportunities for Ethereum in the bearish rally.
Dutch trader and analyst Michael van de Poppe, known as Crypto Michael on social media, commented on the Bitcoin and Ethereum charts in the general course of the market. Referring to the fact that there is a general fluctuation in the markets, the analyst started his words by saying that a part of it could be related to the Bitmex event.
Poppe stated that regardless of Bitmex, the trend in the cryptocurrency world has already experienced a downward break with Bitcoin losing its $ 11,000 level. According to the analyst; The cryptocurrency sector, which cannot exhibit a positive break in general, can recover with Bitcoin seeing $ 12,000 again. As Crypto Michael entered the last months of 2020, he also underlined that the last quarter of the year was generally not very bright for the cryptocurrency industry.
Bitcoin (BTC) Reviews from Crypto Michael
- After the heavy selling trend of $ 12,000 for BTC, the $ 11,000 threshold was also lost.
- The dam that Bitcoin had to break was positioned at $ 11,000.
- The downtrend for Bitcoin is still going on; The waters of 9,600 dollars, which have not yet been tested, can be returned.
- In the unfavorable scenario, if it fails to hold back to the $ 9,600 level to be retested, the BTC price may drop to $ 7,500.
- Investing in dollars may make more sense in this process, according to the analyst.
Ethereum (ETH) Reviews from Crypto Michael
- Ethereum is in decline after ate at $ 410 – $ 425, a strong resistance zone.
- ETH price failed to hold onto the $ 355 support and is positioned far below the weekly average of $ 415.
- There is also a downtrend on the ETH front; the end of this trend could end in the $ 260 – $ 290 range.
- Regardless, this chart does not look unhealthy for ETH.
- If Ethereum could be positioned above $ 365, it could see $ 395 – $ 405 again.
- If the ETH price fails to rise above $ 365, it may continue to decline.
- The first region to watch in this decline is determined as the 305 – 315 dollar range.
- If it fails to hold on to this region, it will decline to the 260 – 290 range and this level can be considered as an opportunity to invest in Ethereum.