Michaël van de Poppe, a crypto analyst and trader, popularly known as Crypto Michael on Twitter, has outlined the critical levels for the subsequent price trends of four crypto assets, including Bitcoin (BTC), Ethereum (ETH), and VeChain (VET).
In a tweet on 13th July 2021, Crypto Michael told his teeming followers that Bitcoin (BTC) continues to consolidate in the low-$30,000 range.
According to the trader, if the flagship cryptocurrency loses $32,500 support, there is a possibility for a drop to $31,000, a level he terms as one of the final supports to a notable decline.
In the chart captioned in his tweet, he pointed out that $34,673 is the key point of resistance that Bitcoin needs to break in order to continue its usual uptrend. And a closer look shows that BTC has rejected the resistance twice in the past month.
“Bitcoin still barely holding support here. If this is lost, I’m looking at the final hurdle around $31K for support on this one. For now, it’s still consolidating overall.”
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According to Van de Poppe, Ethereum (ETH) against Bitcoin (BTC) is liable to hold 0.057 satoshis (sats) and break above the resistance at 0.063 sats.
The popular analyst stated that once ETH/BTC breaks above the resistance, the next target will be 0.074 sats.
Sharing his view regarding the price trend of VET, the native token of the leading blockchain-based supply-chain tracker, VeChain, he said VET remains in a downtrend against Bitcoin (BTC).
Crypto Michael stated further that there is a possibility for VeChain (VET) to retest critical support at 0.0000025 sats, adding that if it maintains the support, it could bounce toward upward resistance at 0.00000273 sats.
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He said if the reverse happens to be the case, VET could head for a retest of support at 0.00000158 sats.
“The view on VET hasn’t changed, in which we’re still trending down. Critical support, for me, is given.”
HO CHI MINH, Vietnam, 17th November 2024, Chainwire
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