The cryptocurrency market today saw mixed results, although market leaders Bitcoin and Ethereum still did not see any major gains. While the majority of the Altcoins traded in red.
Amidst all the hush-hush in the market popular analyst and trader Micheal Van De Poppe sees optimistic indicators for Bitcoin. In a series of tweets he informs his followers that Bitcoin’s price behaviour is “generating a positive divergence”
According to the trader BTC is in tremendous support at $41K, the lower timeframe is creating a bullish divergence. He further informs that it breaks below $42.8-42.9K, a test of $46K is possible, and the bullish divergence will be completed.
At the time of writing BTC is exchanging hands at $41,691 just below the bullish divergence breakthrough levels mentioned on Van de Poppe’s chart.
Ethereum (ETH )
Despite a recent downward trend, the trader believes the bottom may be approaching for Ethereum, the second-largest cryptocurrency by market capitalization.
Ethereum has been heading south, but it has actually struck a big area at $3,320, which was previously resistance. After the block, the next important level is between $3,500 and $3,600.
At the time of writing ETH is trading at $3,161 and has just gained 0.68 percent.
Van de Poppe still sees Cardano leaning significantly on a support zone when looking at the price behaviour of the seventh-ranked crypto asset by market cap.
“Not much has changed on ADA. Still on the lower bound of the range, which is heavy support. Not the range to look for shorts, I’d rather look for longs.”
Vechain (VET )
Finally, the crypto analyst examines enterprise blockchain VeChain, which he compares to the price of Bitcoin.
According to him VET appears to be in good shape, but it still needs to break over the 205-210 sats [$0.086-$0.088] mark. If that’s the case, bullish momentum is quite likely to continue, he said.
Poppe also sees the 0.00000150 BTC [$0.063] level as a retest zone for VET before continuing on a positive trajectory.
VeChain is currently trading at $0.077, which is 26 percent above Van de Poppe’s identified support zone.