Market update

Cointree Crypto Market Update - September 23rd 2020

Market update for traders

How far will Bitcoin fall? Bitcoin began the week looking positive with a move back up to $15,000 but it has since broken down to $14,500 AUD at the time of writing.

The key level of $15,000 was soundly rejected this week and sellers forced price action back into the range bulls fought tooth and nail to get above. Bitcoin made a higher low after being moved from $15,000 and it gave bears an opportunity to hunt for lower price targets. Bitcoin is now consolidating under the ceiling of the range and if this is just a healthy pull back, it must reclaim the key EMA’s above. Hard to ignore the correlation with falling US stocks and a rising US dollar with Bitcoin’s sudden plunge - a significant effect we saw in March.

Bears will be salivating over the thought of Bitcoin dropping to the mid $13,000’s, which now looks entirely possible if bulls cannot get above the all important $14,500 level. A drop to the lower range boundary would see market sentiment shift strongly from bullish to bearish.

Alt-coins have been hit heaviest in the recent volatility...Digibyte was a big mover, up 25%, Theta token was up 8%, and Celsius up 36% over 7-days.

Read our full market update here.

## Market update for beginners

How far will Bitcoin fall? Bitcoin began the week looking positive with a move back up to $15,000 but it has since broken down to $14,500 AUD at the time of writing.

The $15,000 level proved too strong this week, with sellers forcing BTC back into a precarious area that could signal further downside. Bitcoin is now consolidating under the ceiling of the range but looks weak here, and if this is just a healthy pull back, it must reclaim the key moving averages above.

Key Takeaway: Don’t ignore the correlation with falling US stocks and a rising US dollar with Bitcoin’s sudden plunge - a significant effect we saw play out in March.

Sellers will be salivating over the thought of Bitcoin dropping to the mid $13,000’s, which now looks entirely possible if buyers cannot reclaim the $14,500 level. A drop to September lows would see market sentiment shift strongly from bullish to bearish.

Alt-coins have been hit heaviest in the recent volatility... Digibyte was a big mover, up 25%, Theta token was up 8%, and Celsius up 36% over 7-days.