Cointree Crypto Market Update - April 28th 2021

Market update for traders

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Could this just be a “mid-way” dip? Bitcoin (BTC) started the week unable to break resistance at $74K, instead falling out from what looked to be a descending triangle pattern and sending its price downward. The past week’s downtrend resulted in the price falling from $73,909 to a low of $62K AUD, a fall of 16%, and while some investors may have been scared off with the news of Tesla selling 10% of its bitcoin holdings, support was found and helped bitcoin break from a bearish flag pattern. Support was found at $62K with the ensuing rally recovering some of the losses. At the time of writing, bitcoin has climbed back above the 50 EMA with many technical indicators showing bullish signals, and some pundits drawing attention to the similarities of this “mid-way” dip with those of 2013 and 2017, which saw bitcoin go on to reach even greater all-time highs following halvings. Could it be the case again?

Most altcoins were recovering alongside bitcoin with standout performances from Matic Network (MATIC) up 123% for the week, and Fantom (FTM) up 56%. Also, notable mentions to Fetch.ai (FET) up 50%, and Zilliqa (ZIL) seeing 27% growth for the week.

Market update for beginners

Bitcoin (BTC) started the week unable to break above $74K AUD, instead falling out from what looked to be an descending triangle pattern and sending its price downward. The past week’s downtrend resulted in the price falling from $73,909 to a low of $62K, a fall of 16%, and while some investors may have been scared off with the news of Tesla selling 10% of its bitcoin holdings, confident buyers stepped in to prevent the price from falling further than $62K, with the ensuing rally recovering some of the losses. At the time of writing, bitcoin climbed back above the 50 day exponential moving average (EMA) with many technical indicators showing confident signals, and some pundits drawing attention to the similarities of this dip with those of 2013 and 2017, which saw bitcoin go on to reach even greater all-time highs following them. Could this be the case again?

Most altcoins were recovering alongside bitcoin with standout performances from Matic Network (MATIC) up 123% for the week, and Fantom (FTM) up 56%. Also, notable mentions to Fetch.ai (FET) up 50%, and Zilliqa (ZIL) seeing 27% growth for the week.