A closely watched analyst outlines key price levels where he believes crypto bulls would step in and trigger trend reversals for Ethereum (ETH), Binance Coin (BNB), and Litecoin (LTC).
In a new video update, analyst Michaël van de Poppe tells his 163,000 YouTube subscribers that Ethereum risks falling further unless it can reclaim the $1,785 support.
“This whole $1,785 area is something we need to hold on to. Otherwise, we’re going to look at a case where I think we’re going to retest the area around $1,600 and let the reversal happen.
At the time of writing, ETH is trading at $1,751. A move towards the Van de Poppe reversal area suggests a more than 8% decline for leading altcoin.
Looking at Binance Coin, the utility token of the world’s largest crypto exchange, Van de Poppe says BNB’s failure to stay above the around $270 support suggests the altcoin is likely heading towards $200. where it could possibly reverse.
“We need to reclaim the area [$270] to avoid a market collapse. We had this market crash and now we’re looking at possibly getting this liquidity here below the low point for Binance Coin before we most likely reverse. So I’m looking at bids in this range ($200) if we’re going to get that.
At the time of writing, BNB is worth $237.
As for the peer-to-peer payment network Litecoin, Van de Poppe says LTC is close to ending the correction.
“I think if a reversal happens, this is the range we’re looking at, maybe towards $70 to $73. If that’s the case, then I think we’ll have a quick rally.”
At the time of writing, LTC is trading at USD 78.78.
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