Cointree Crypto Market Update - April 14th 2021

Market update for traders

Jump to the beginner's version

Welcome to this week’s market update and another week in the extremely eventful cryptocurrency market. Bitcoin (BTC) began last week breaking the 50 EMA and the key $75,000 AUD level with power. Since then, bulls barely looked back and price action climbed higher to obliterate the previous all time high of $78,727 - a move of 10% for the week, and at the time of writing, taking it above $80k AUD. We can see the largest crypto by market cap forming yet another ascending triangle with the latest candle finding resistance at $83,356. $90k will be on the cards if bulls step on the gas. While bears may seem down, they’re not out. They need to break this structure back down beneath $78,000 to make bulls sweat. In the week ahead, bitcoin is clearly building a platform to launch, the real question is, will it?

For the major altcoins: Binance Coin (BNB) grabbed headlines this week with its meteoric rise, up 34% over 7-days, while the hugely popular Ripple coin (XRP), had its strongest week in the top 10, up 42%. It was a green week across the board for most cryptos in the top 20 with VeChain (VET) up 22%. Honourable mention to gaming heavyweight Enjin Coin (ENJ), up 31% over this period.

Market update for beginners

Welcome to this week’s market update and another week in the extremely eventful cryptocurrency market. Bitcoin (BTC) began last week breaking the key $75,000 AUD level with power. Since then, buyers barely looked back and price action climbed higher to retake the previous all time high of $78,727 - a move of 10% for the week, and at the time of writing, taking it above $80k AUD. We can see the largest crypto by market cap forming yet another ascending triangle with the latest candle finding resistance at $83,356. $85,000 will be a short term target, and $90k is on the cards too if buyers step on the gas. On the flipside, sellers are down but not out. They need to break this structure down beneath $78,000 to make buyers sweat that we are heading for a deeper drop. In the week ahead, bitcoin is clearly building a platform to launch, the real question is, will it?

For the major altcoins: Binance Coin (BNB) grabbed headlines this week with its meteoric rise, up 34% over 7-days, while the hugely popular Ripple coin (XRP), had its strongest week in the top 10, up 42%. It was a green week across the board for most cryptos in the top 20 with VeChain (VET) up 22%. Honourable mention to gaming heavyweight Enjin Coin (ENJ), up 31% over this period.