Crypto analyst Michaël van de Poppe says Bitcoin (BTC) is nearing a final support level before it could dip below $30,000.
In a new video, Van de Poppe tells his 165,000 YouTube subscribers that the flagship crypto asset’s price could fall even further if it falls below $38,000.
“I’ll call that [$38,000] the last level of support. If we lose this zone, long triggers will be hit and hence the price will plummet even more. Then we will likely sweep the lows towards $32,000 maybe even $29,000 for bullish divergence on higher timeframes and get that downtrend. Right now we’re falling back into range. We are currently facing that last level of support before I expect these lows to be tested.
At least a short-term bounce is to be expected on reaching that last support level… We just retested some levels. Chances are we will retest the green zone and then you can at least target some longs which if we retest the lows can net you around 8% to 10% depending on how deep the actual correction lasts. “
In terms of how the US Dollar price action could affect Bitcoin, the analyst says that a reversal in the US Dollar Index could be bullish for BTC.
“In the period from November 2018 to May 2019, the dollar has been moving sideways, and if you know what happened in that period, bitcoin went from $3,000 to $14,000, so if we want to create this different divergence dollars, and if we fall back into that range, chances are we will see some serious momentum.”
At the time of writing, Bitcoin is trading at $41,149.72.
I
Check the price action
Don’t miss a thing – Sign up to receive crypto email alerts straight to your inbox
Follow us on Twitter, Facebook and Telegram
Surf the Daily Hodl Mix
 
Check the latest headlines
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in Bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/vvaldmann/Konstantin Faraktinov
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.