Cointree Crypto Market Update - April 29th 2020
In the week that was, bitcoin has shown an incredible week of positive price action that would thrill investors. From a low last week of $10,800 AUD, the largest crypto by market cap has ridden a wave of bullish sentiment toward $11,933 AUD at the time of writing, just 12 days from the halving.
Bitcoin has shown remarkable resilience building beneath $12,000 AUD without any significant retracement. The consolidation has allowed momentum to cool and the Relative Strength Indicator appears to be in the mid-range on the daily. The 4hr RSI is trending down suggesting bitcoin still has legs to go higher if the bulls can step on the gas.
A notable formation bitcoin is printing on the daily charts is a large head and shoulders that began in late March. However, the heavy overhead resistance of the 200 EMA will be a formidable obstacle to overcome as this was the area Bitcoin broke down from amid the stock market crash. If BTC fails to close above $12,200 AUD, then we could see a deeper pull back, creating the right shoulder of the H&S pattern.
In the broader market we saw large gains this week to make investors happy. Cardano rose powerfully, up by 39% over 7-days, enjin coin 38% and tezos was up 32% at the time of writing.