- Michael van de Poppe cautions against following the herd, advises traders to wait for a retest in price rallies.
- Bitcoin price seat in the hands of the bulls despite a dip to $8,407; gains above $9,000 are possible.
Bitcoin price unexpected rally to $9,500 has split the community into two. One camp anticipates higher price action as we head towards the halving. On the other hand, the second camp is, according to Michael van de Poppe, a popular trader, anticipating a significant price reversal. Michael believes that despite the rally, traders have a myriad of buying opportunities especially after Bitcoin dipped to $8,407 before recovering to the current levels at $8,730.
Most people are “sitting in panic” according to the trader instead of buying the dips in the wake of the FOMO-driven surge. Michael, however, advised traders against following the herd while sarcastically praising those that bought BTC at $9,400.
Never ever buy into that. There is always a retest and always a retrace going.
Bitcoin price update
Bitcoin price is trading at $8,730 as mentioned. This comes after a reversal from the dip at $8,407. The largest cryptocurrency is still largely in the hands of the bulls in spite of the correction. Indicators such as the RSI display a strongly bullish picture. At the same time, the bullish divergence from the MACD signals a possible short-term surge likely to bring BTC/USD into the levels above $9,000. Other key support areas apart from $8,400 include the 200-day SMA at $8,000, the ascending trendline and the 50-day SMA at $6,827.
BTC/USD daily chart
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