Cointree Crypto Market Update - November 18th 2020

November 18th, 2020

Market update for traders

Jump to the beginner's version

Bitcoin’s rise continues!

We are just over 3k away from a new Bitcoin all time high against the Australian Dollar. If Bitcoin can push another 15% higher, the largest crypto by market cap will reach the highest price in its history. Technically, we appear heavy at these levels without any significant pull back typical of previous Bitcoin bull markets. On the 4hr chart a large rising wedge pattern has emerged, and while typically a bearish formation, Bitcoin is known to break up from this technical pattern in bullish trends and $23,300 is a key level to watch.

In the broader market, many mid & large cap cryptocurrencies are now following BTC’s renewed strength after many quiet months and with US stocks surging to new all time highs, Bitcoin has no obvious reasons to go lower. On the flipside, the Bitcoin Fear & Greed Index is in “Extreme greed” territory and there’s euphoria in the air, so be mindful that markets can often do the opposite of what the crowd is agreeing upon.

Popular OG altcoins showed strength this week...Litecoin was up 25%, AAVE was up 34%, and Dash was up 20% over 7-days.

Read our full market update here.

Market update for beginners

Bitcoin’s rise continues!

We are just over 3k away from a new Bitcoin all time high against the Australian Dollar. If Bitcoin can push another 15% higher, the largest crypto by market cap will reach the highest price in its history. Technically, we appear heavy at these levels without any significant pull back typical of previous Bitcoin bull markets. On the 4hr chart a large rising wedge pattern has emerged, and while typically a bearish formation, Bitcoin is known to break up from this technical pattern in bullish trends and $23,300 is a key level to watch.

In the broader market, many mid & large cap cryptocurrencies are now following BTC’s renewed strength after many quiet months and with US stocks surging to new all time highs, Bitcoin has no obvious reasons to go lower. On the flipside, the Bitcoin Fear & Greed Index is in “Extreme greed” territory and there’s euphoria in the air, so be mindful that markets can often do the opposite of what the crowd is agreeing upon.

Popular altcoins showed strength this week...Litecoin was up 25%, AAVE was up 34%, and Dash was up 20% over 7-days.

Read our full market update here.