Cointree Crypto Market Update - 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.