Cointree Crypto Market Update - October 14th 2020

October 14th, 2020

Market update for traders

Jump to the beginner's version

Stairway to heaven? In a wild week for Bitcoin investors, the largest crypto by market cap ripped through the $15,000 resistance level and reached a high of $16,200 at the time of writing.

The ascending triangle we were watching last week broke to the upside - and in exciting fashion, seeing an 8.5% gain for the week. You can see Bitcoin bulls stepped in with large buys four times on the way up, creating what appears to be a staircase with bears attempting, in vain, to stop the momentum. For now, $16,200 is a monster level that we fell down from in August and it will take a big push to overcome in the short term. Expect to see a cool-off period before further upside.

BTC can move quickly, and often after a big move we see consolidation as the market absorbs the volatility. While we can go higher, Bulls will need to hold onto their gains as the $16,200 level will bring strong overhead resistance and we look overextended here at the ceiling of the large range. Bears will look to force price downward into the lower $15,000’s where key moving averages are trying to play catch-up. However, Bulls appear on a mission and if $16,200 gets taken, we could see $17k very quickly.

As BTC has its moment...Chainlink was a big mover up 19%, Cardano up 13%, and Cosmos was up 12% over 7-days.

Read our full market update here.

Market update for beginners

Stairway to heaven? In a wild week for Bitcoin investors, the largest crypto by market cap ripped through $15,000 and reached a high of $16,200 at the time of writing.

In exciting fashion, we saw Bitcoin gain 8.5% for the week. The large green candles on the way up indicate that buyers stepped in, creating what appears to be a staircase with sellers attempting, in vain, to stop the momentum. $16,200 remains a monster level that we fell down from in August and it will take a big push to overcome in the short term. Expect to see a cool-off period before further upside.

BTC can move fast and this respite may be the calm before the storm as the market absorbs the volatility. While we can go higher, buyers will need to hold onto their gains as we now face strong overhead resistance in this area. Sellers will look to force price downward here into the lower $15,000’s where key moving averages are trying to play catch-up. However, Bulls appear on a mission and if $16,200 gets taken, we could see $17k very quickly.

As BTC has its moment...Chainlink was a big mover up 19%, Cardano up 13%, and Cosmos was up 12% over 7-days.

Read our full market update here.