Market update

Cointree Crypto Market Update - September 2nd 2020

Market update for traders

Has Bitcoin found a bottom? The largest crypto by market cap appears to be on the move, breaking up from $15,600 AUD and back above $16,000, a move of 6%. BTC is hunting to re-enter the range it held for much of August.

After dramatically breaking down from the range that supported price action for most of the month, Bitcoin has found a floor at $15,400, consolidating along the 200 EMA on the 4hr chart. Price action appears to have formed an inverted head and shoulders pattern and now bulls are pressing higher.

As Bitcoin broke down from $16,000 the market looked to be heading much lower, however, buyers stepped in below $15,400 - three times this area was rejected and now it is supporting the rally we have seen in the last 24 hours. Bulls will be buoyed and must reclaim the range at $16,200 with conviction - if it does then it’s likely Bitcoin will move fast to 16,500 and perhaps 17k.

This week some major Alt-coins made major moves...XEM was the big winner, up 64%, while TRON was up 27%, and Ethereum up 20% over 7-days.

Read our full market update here.

## Market update for beginners

Has Bitcoin found a bottom? The largest crypto by market cap appears to be breaking up from the mid $15,000 area and back above $16,000 AUD, a rise of 6% over 7-days.

After dramatically breaking down from $16,400 last week, Bitcoin appears to have stemmed the bleeding at $15,400, finding buyers at a key moving average, indicated by the red line.

Key Takeaway: When Bitcoin broke down from $16,000 the market looked to be hunting for $15,200, however, each time the price threatened to go lower than $15,400, buyers stepped in. The positive outlook is for Bitcoin to reclaim 16k with conviction - if it can, then it will likely mean $17,000 is within reach for the second time this month.

This week some major Alt-coins made major moves...XEM was the big winner, up 64%, while TRON was up 27%, and Ethereum up 20% over 7-days.