“What is critical right now based on the daily timeframe is this entire region here, so anything above [$58,500] is going to bring markets to new all-time highs.
Is that expected? I’m not expecting it at this stage in which I’m assuming that we’re going to have a range bound construction.”
On the lower timeframe, Van de Poppe notes that Bitcoin is facing clear resistance at $56,200 and is attempting to find support at $54,100.
The trader warns that if the $54,000 range fails to act as support for BTC, the king coin will likely retest the $50,000 level over the course of the next week and may even move down towards $48,500 temporarily.
If the flagship cryptocurrency does bottom out towards the low $50,000 range, it will likely make room for a longer altseason.
“At least the altseason is going to last way longer or continue if Bitcoin is bottomed out.”
The critical level for ETH to hold is $1,660 and if that fails, $1,500, says Van de Poppe. If Ethereum breaks out earlier than the trader expects, it will have to surge above the $1,750 level to retest its all-time high of $2,042.
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