Market update
Cointree Crypto Market Update - November 25th 2020
Market update for traders
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Are we there yet?
As each week passes, we inch closer to reaching the previous All-Time High price for Bitcoin of $27,000 AUD. In what appeared to be a choppy week, the largest cryptocurrency by market capitalization made a move to test the waters above the $25,000 AUD threshold. Earlier in the week, these attempts were shot back down quickly before price successfully breached $25K and has maintained above this level for the past few days. At the time of writing, Bitcoin’s price is testing the psychological level of $26,000 AUD; astonishingly up another 12% for the last seven days.
The charts have been playing out similar to the last few weeks. Once again, we are presented with another ascending wedge formation. Whilst these structures traditionally caution a bearish price movement to ensue, Bitcoin has been breaking to the upside for each of these particular price developments during the course of this Bull run. The market is paying close attention to how the price will react at the $26,000 AUD resistance. A strong break of this level will present a convincing case for the Buyer’s to drive a rally to the elusive All-Time High price - maybe even further.
As Bitcoin cruised through a comparatively steady week to previous ones, the altcoins continued to shine. The major cap altcoins flexed their muscles over the last seven days: Ethereum made a statement gaining +29%, Bitcoin Cash recovered with +32% and Litecoin followed closely with +20%. However, we saw Cadano up +45%, Stellar by +71% and Ripple with a jaw-dropping performance of +100% respectively.
Market update for beginners
Are we there yet?
As each week passes, we inch closer to reaching the previous All-Time High price for Bitcoin of $27,000 AUD. In what appeared to be a back and forth week, Bitcoin, the largest cryptocurrency in the world made a move to test the waters above the $25,000 AUD region. Earlier in the week, these attempts were shot back down quickly before price successfully moved above $25K over the past few days. At the time of writing, Bitcoin price is testing the ceiling of $26,000 AUD; astonishingly up another +12% for the last seven days.
The charts have been playing out similar to the last few weeks. Once again, we are presented with another formation where price moved steadily upwards between two boundaries. Whilst these structures traditionally suggest a downside price movement to ensue, Bitcoin has been breaking upwards for each of these particular price developments during the course of it’s strong performance recently. The market is paying close attention to how the price will react at the $26,000 AUD level. A strong break of this region will present a convincing case for the Buyer’s to drive demand to the elusive All-Time High price - maybe even further.
As Bitcoin cruised through a comparatively steady week to previous ones, the altcoins continued to shine. The major cap altcoins flexed their muscles over the last seven days: Ethereum made a statement gaining +29%, Bitcoin Cash recovered with +32% and Litecoin followed closely with +20%. However, we saw Cadano up +45%, Stellar by +71% and Ripple with a jaw-dropping performance of +100% respectively.
