After the Federal Reserve hiked interest rates by a quarter of a percentage point, a widely-watched cryptocurrency analyst has weighed in on Bitcoin (BTC), Cardano (ADA) and Ethereum (ETH) rival Phantom (FTM). ) is updating its outlook.
Crypto strategist Michael van de Poppe in new strategy session video To tell His 163,000 Youtube subscribers say that if Bitcoin fails to hold the critical $23,000 support level, King Crypto is likely to drop nearly 10% from its current value.
“What do we know about price action at this point? Volatility is insane at this stage with the support bounce at $22,400.
We took a high on this rally and are now rejecting it again at the previous high. This ultimately leads to further declines, marking $23,000 as a key indicator to watch.
Must stay above $23,000. If you don’t hold $23,000, correct towards $21,200. ”
Bitcoin is worth $23,532 at the time of writing.
Also Van de Poppe To tell His 646,600 Twitter followers point out that Cardano is showing no upward strength. If there is a correction, he sets the lower support level at $0.35.
“We are not seeing any strength so far. We are looking at cases where we want to look long around $0.35 if a correction occurs or if the $0.42 area flips for support.”
Cardano is trading at $0.40 at the time of writing.
Finally, he To tell Fantom is approaching the higher timeframe resistance level of $0.66 and may drop to $0.50 before rebounding.
“Higher timeframe resistance is approaching here as we are closing the gap.
Fantom is worth $0.64 at the time of writing.
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