Cointree Crypto Market Update - July 8th 2020
We finally saw volatility yesterday after what was a largely uneventful week in bitcoin. It signals that BTC may be warming up for a more powerful move in the second half of July.
In the past 7 days, indecisive price action saw the largest crypto by market cap breakdown from the important $13,000 level, twice. In both instances, buyers stepped in and forced bitcoin back up to what has become a strong area of contention.
Looking at the broader picture, it appears bitcoin has broken up from a descending wedge pattern dating back to the 15th of June. In a positive sign for further upside, the move up from the low $13,000’s hit the 100 EMA and is now finding the 50 EMA as support. If bitcoin can use the 50 EMA as a platform, we could see a cup and handle pattern that will take us higher and $14,000 will be a potential target. While bulls look to be comfortable here, the closer the price gets to $15,000, bears will be waiting with strong sell walls so be prepared for another slug-fest.
Bitcoin’s break-up coincided with a strong opening of the US stock market and also surprising news that bitcoin fan, and world famous rapper, Kanye West is entering the presidential race for 2020.
In the broader market, alt-coins have been roaring. VeChain is up a whopping 74%, cardano 28%, and chainlink is up 21%.