Cointree Crypto Market Update - September 9th 2020

Market update for traders

Jump to the beginner's version

In the week that was, Bitcoin saw a big plunge, falling over 16% at the time of writing to sit just under $14,000 AUD.

The pull back from $17,400 earlier in the month almost entirely erases the gains seen from the start of August in what is often described as a “Bart Simpson” pattern. The violent move down appears to have met heavy resistance at $13,500 and is now forming a new range in this area with $14,500 AUD the ceiling.

This drop coincides with a fall in US stocks, and as we consolidate here we must consider that traditional markets may play a big role in which direction Bitcoin takes at these levels.The market is looking for confidence and Bulls will be looking to breach $14,500 and begin to claw back lost ground, reclaiming some key moving averages on the 4hr chart. On the flipside, if bulls lack the strength to take $14,500, Bears will look to force maximum pain on the market by taking Bitcoin to $13,000. If that happens the alt coin market will get hit hard.

This week, nearly all major alt-coins followed Bitcoin into the red...TRON was the only winner in the top 30, up 12% over 7-days.

Read our full market update here.

## Market update for beginners

In the week that was, Bitcoin saw a big plunge, falling over 16% at the time of writing to sit just under $14,000 AUD.

The pull back from $17,400 earlier in the month almost entirely erases the gains seen from the start of August in what is often described as a “Bart Simpson” pattern. The violent move down appears to have stopped at $13,500.

A quick note: This price action coincides with a fall in US stocks and we must consider that traditional markets may play a big role in which direction Bitcoin takes.

Key Takeaway: Buyers will be looking to move price to $14,500 and begin to claw back lost ground and hopefully give the market some confidence. On the flipside, sellers will look to force maximum pain on the market by taking Bitcoin to $13,000. If that happens the alt coin market will get hit hard.

This week, nearly all Major Alt-coins followed Bitcoin into the red...TRON was the only winner in the top 30, up 12% over 7-days.

Read our full market update here.