Cointree Crypto Market Update - October 28th 2020

October 28th, 2020

Market update for traders

Jump to the beginner's version

Bitcoin powers to new yearly highs above 18k! At the beginning of the week we caught a 6% rise that pushed BTC over $18,000 AUD and reached a weekly high of $18,628.

Since the run up at the beginning of the week, Bitcoin has oscillated between a high of around $18,600 and has tested the all important $18,000 AUD level, creating a new range on the 4 hour chart. Importantly, Bitcoin has seen a 25% price appreciation from the start of October, and we’ve only had pit stops along the way. While Bitcoin appears to be forming a bullish ascending triangle on higher time frames, we must be cautious. So often in previous bull trends, Bitcoin likes to pull-back to previous levels of support and resistance to garner new momentum.

If Bitcoin breaks down from $18,000, the area around $17,200 will have buyers interested where key moving averages sit - and on the flipside: if sentiment prevails and bulls power through $18,600 with force, $20,000 AUD will be within reach.

As BTC decides its next move the major cap coins have had a run...Litecoin was a big mover, up 20%, Polkadot was up 19%, and ChainLink was up 8% over 7-days.

Read our full market update here.

Market update for beginners

Bitcoin powers to new yearly highs above 18k! At the beginning of the week, we caught a 6% rise that pushed BTC over $18,000 AUD and reached a weekly high of $18,628.

Since the price rise at the beginning of the week, Bitcoin has bounced from a high of $18,600 and tested the all-important $18,000 AUD level. Importantly, Bitcoin has seen a 25% price appreciation from the start of October without a notable downside. While Bitcoin appears to be positive and heading higher, we must be cautious. So often in previous up-trends, Bitcoin likes to pull-back to previous levels of support and resistance to garner new momentum.

KEY TAKEAWAY: If Bitcoin breaks down from $18,000, the area around $17,200 will have buyers interested where key moving averages sit - and on the flipside: if positive sentiment prevails and buyers power through $18,600, $20,000 AUD will be within reach.

As BTC decides its next move the major cap coins have had a run...Litecoin was a big mover, up 20%, Polkadot was up 19%, and ChainLink was up 8% over 7-days.

Read our full market update here.