Cointree Crypto Market Update - October 21st 2020

October 21st, 2020

Market update for traders

Jump to the beginner's version

Is Bitcoin ready for the Bull Market? A week of consolidation ended with a ripping Bitcoin breakout toward $17,000, and at the time of writing the leading cryptocurrency sits at $16,640 AUD.

Bitcoin’s move into the $16,000 - $17,000 range cannot be underestimated in the scheme of where we are in this market cycle. Since our fall to $14,000, the climb back into this area has been slow but steady and shows we are in a clear bull trend. $17,200 was tested back in August and provided very strong resistance - once this level is cleared, the path to a $20,000 AUD will be within reach. Bears will be desperate to kill this rally here or at $17,000, where we would print a lower higher on the daily and potentially spell the extent of this bull move with a short-term retracement to $16,200 likely.

The bulls are in control and the macro events outside of crypto are pointing toward a positive end of 2020 for Bitcoin. However, the landmine for markets ahead could well be the US election, which has the ability to rock markets across the board so be prepared for volatility as we approach November. Of note, the often talked about correlation with US Stocks diverged today as BTC rose and stocks took a dive. Watch this over the coming weeks with interest.

As BTC builds...Stellar was a big mover up 10%, Waves up 14%, and Ampleforth was up 17% over 7-days.

Read our full market update here.

Market update for beginners

Is Bitcoin ready for the Bull Market? A week of sideways movement ended with a ripping Bitcoin breakout toward $17,000, and at the time of writing the leading cryptocurrency sits at $16,640 AUD.

Bitcoin’s move into the $16,000 - $17,000 range cannot be underestimated in the scheme of the big picture. Since our fall to $14,000, the climb back into this area has been slow but steady and shows that buyers are ion control.

$17,200 was tested back in August and will be strong resistance again - but once this level is cleared, the path to a $20,000 AUD will be within reach.

KEY TAKEAWAY: Buyers are in control here and the macro events outside of crypto are pointing toward a positive end of 2020 for Bitcoin. Sellers will look toward the US election as the landmine needed to move BTC to the downside. The event has the ability to rock markets across the board so be prepared for volatility as we approach November.

As BTC builds...Stellar was a big mover up 10%, Waves up 14%, and Ampleforth was up 17% over 7-days.

Read our full market update here.