Cointree Crypto Market Update - November 4th 2020

Market update for traders

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US Elections take centre stage as Bitcoin keeps grinding higher!

In the week that was, Bitcoin sensationally burst into the mid $19,000’s and had many thinking we would see a $20,000 BTC but it wasn’t meant to be. At the time of writing, Bitcoin sits at $19,032 AUD clearly moving upwards in a rising channel on the 4 Hourly Chart. It has continued to make higher lows after a 5% pull back into the $18,700 region and so far, has resisted a major correction.

Bitcoin has shown remarkable strength during a time when US Stocks are heading lower and the US Dollar moved higher, something we have rarely seen. There is reason to think that world events will keep most markets in a holding pattern for the foreseeable future and the risk is we see a broad correction in the crypto market in-line with falling confidence of a tumultuous US political environment.

Watch the key level of $19,000. If it breaks we could be looking to the $18,600 area where the 50 EMA is playing catch up.

ALTCOINS took a beating this week with only a handful in the green...Wrapped BTC was up 3%, Celsius was up 7%, and Nexo was up 14% over 7-days.

Market update for beginners

US Elections take centre stage as Bitcoin keeps grinding higher!

In the week that was, Bitcoin sensationally burst into the mid $19,000’s and had many thinking we would see a $20,000 BTC but it wasn’t meant to be. At the time of writing, Bitcoin sits at $19,032 AUD and is slowly moving upwards in a positive channel.

Bitcoin has shown remarkable strength during a time when US Stocks are heading lower and the US Dollar moved higher, something we have rarely seen. There is reason to think that world events will keep most markets in a holding pattern for now, with crypto markets at risk of being adversely affected by a tense political environment in the US and a fall in confidence.

KEY TAKEAWAY: Watch the key level of $19,000 AUD. If it breaks we could be looking to the $18,600 area for a confirmation of a further downside.

ALTCOINS took a beating this week with only a handful in the green...Wrapped BTC was up 3%, Celsius was up 7%, and Nexo was up 14% over 7-days.