Cointree Crypto Market Update - November 11th 2020

Market update for traders

Jump to the beginner's version

Bitcoin sensationally creates a new yearly high!

In an exciting week for investors, Bitcoin led all markets, bursting through the rising channel and claiming a new multi-year high of $22,000 AUD. The US election seemed to be no obstacle for the largest crypto by market cap, seeing a gain of around 15% over just 7 days. Bitcoin has since retested the upper trendline of the channel at 20k, now turned support - and price was pushed back above $21,000 AUD for a strong finish to the week.

The pullback of around 8% last night coincided with news of a COVID-19 vaccine - and we saw precious metals take a heavy hit also. It looks as if a triangle is developing on the 4hr chart and we will have to wait and see how it plays out.

It’s hard to make a case for bears right now which is why we must look at the possibility. After three highly bullish weeks, Bitcoin may be set for a period of consolidation. Watch for a breakdown of the channel and a rest-test of key moving averages below 20k. If not, we are likely going higher.

Altcoins were flying this week...Chainlink was up 25%, NEM was up 31%, and VeChain was up 21% over 7-days.

Market update for beginners

Bitcoin sensationally creates a new yearly high!

In an exciting week for investors, Bitcoin led all markets and powered to a new multi-year high of $22,000 AUD. The US election seemed to be no obstacle for the largest crypto by market cap, seeing a gain of around 15% over just 7 days.

We saw a pullback of around 8% last night that coincided with news of a COVID-19 vaccine - with precious metals falling also.

Key Takeaway: It’s hard to make a case for sellers right now which is why we must look at the possibility. After three hugely positive weeks, Bitcoin may be set for a period of consolidation and sellers will be watching for weakness at the 20k support level. If not, we are likely going higher.

Altcoins were flying this week...Chainlink was up 25%, NEM was up 31%, and VeChain was up 21% over 7-days.