- Michael van de Poppe uploaded his latest technical analysis to Youtube yesterday.
- The trader stated that there is currently a ton of strength present in the crypto market.
- van de Poppe added that the retracement in the crypto market is a result of U.S. Indices opening in the red.
The popular crypto trader, Michael van de Poppe, uploaded his latest technical analysis for the crypto market yesterday. Despite the global crypto market cap dropping 3.68% over the last 24 hours, as can be seen on CoinMarketCap, van de Poppe stated in the video that the crypto market is still showing “a ton of strength.”
This market strength is evident in the fact that the price of Bitcoin (BTC) rose from $16k and is now hovering between $24k and $25k, briefly breaking above the key $25k level in the last 2 months.
According to the trader, the retracement currently seen in BTC’s price could have been foreshadowed by the retracement seen in altcoin prices prior to BTC’s latest price decline. The trader added that the market-wide retracement seen in the crypto market has been the result of the U.S. Indices which opened in the red yesterday.
The trader also stated in his video that the market will need a healthy correction before it can continue to rally. This correction may be ignited by the outcome of today’s FOMC Meeting. Should the Fed announce another interest rate hike this evening, prices in the crypto market may experience continued drops toward the close of today’s trading session.
Lastly, the trader stated that his long entry level for Chainlink (LINK) is at $7.25. However, he is unsure if the altcoin’s price will drop that low before its next leg up. Meanwhile, his long entry for Ethereum (ETH) is at $1,600.
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