Top Trader Updates Outlook on Ethereum Rivals Cardano and Fantom, Says Bitcoin Must Hold $23,000 to Avoid Larger Pullback
A widely followed crypto analyst is updating his outlook on Bitcoin (BTC), Cardano (ADA) and Ethereum (ETH) rival Fantom (FTM) after the Federal Reserve raised interest rates by a quarter percentage point.
In a new strategy session video, crypto strategist Michaël van de Poppe tells his 163,000 Youtube subscribers that if Bitcoin fails to hold a key support level of $23,000, then the king crypto is likely heading lower by nearly 10% from its current value.
“What can we see on the price action at this point? Volatility is crazy at this stage in which we have got the support bounce at $22,400.
We’ve got this rally in which we took out the high and now we are rejecting at the previous high again which ultimately results into further downside, in which I’m marking $23,000 as an important indicator to keep an eye on.
We need to stay above $23,000. If we do not hold $23,000, we’re going to correct back towards $21,200.”
Bitcoin is worth $23,532 at time of writing.
Van de Poppe also tells his 646,600 Twitter followers that Cardano is not showing strength to the upside. He sets a lower support level of $0.35 if there is a correction. But he says if Cardano can flip $0.42 into support, he would look for a run up to $0.50.
“Didn’t see any strength as of yet. I’d be looking at a case where I’d want to look for longs around $0.35 if a correction occurs or when the area at $0.42 flips for support.”
Cardano is trading for $0.40 at time of writing.
Lastly, he says Fantom is nearing the higher timeframe resistance level of $0.66 and may dip to $0.50 before bouncing back up.
“Higher timeframe resistance approaching here as it’s closing the gap. If there’s a dip, I’d be interested around $0.50 on this one.”