Sharing his thought with his teeming followers on the Microblogging platform, he said Bitcoin, the largest cryptocurrency by market cap will possibly breach $14,000 resistance level if it holds its footing above $13,678.
Crypto Michaël tweeted, “Interesting bounce here and back into [the] resistance zone. Breaking this and we’ll go for the highs above $14,000.”
Volatility is high and probably will remain high with the elections coming up.”
In the case of Ethereum (ETH), Crypto Michaël says ETH/BTC pair is poised to carve out a bottom after hitting a key resistance level in September.
Though ETH/BTC may bottom at 0.024 support, the top analyst doesn’t expect the pair to instantly start a new bull cycle.
“Rejected at range resistance at 0.038 and it is now trying to establish support at the range low which is between 0.024 and 0.026.
“As you can see in the previous bottoming structures is that it takes a while. It starts to bottom out, makes a slight bounce, and then we start to make a compression, and the next bull wave starts.”
As for Chainlink (LINK), Michaël van de Poppe says the digital currency is currently trading at key level:
“If it loses the area around $10, which seems quite likely if Bitcoin is going to show weakness, which we do not know yet, but if we do get a lower high here, it is going to be quite likely that it will, then I’m going to look mainly at the $7 area for potential longs.”
Sharing his viewpoint about the price trend of the fourth-largest cryptocurrency by market capitalization, XRP, he said:
“You don’t want to see the price drop below $0.22 – $0.23. If it holds here that’s fine but if it loses $0.23 – $0.22, I’m going to wait it out until it gets towards $0.19 as that’s the previous heavy support zone. If we do hold there, then we might be able to get another rally in towards $0.32 or maybe even $0.40 in the next cycle.”
The popular crypto analyst also predicted further price downtrend for the utility token, Swipe (SXP):
“At this point, we are at the support that I discussed. We are at $0.75. Are we going to hold here? I do not know for sure as there is no clear confirmation of any bottoming construction. But if we do not hold, the next area is around $0.57.”
For altcoins, he averred that they may continue to trend downward. He stressed that they seem to be in an accumulation period, which would precede a huge uptrend:
“We’re going to see a sideways period for sometime which is the accumulation period before altcoins will wake up again.”