Cointree Crypto Market Update - February 17th 2021

Market update for traders

Jump to the beginner's version Market ready for a BIG move! Welcome to this week’s market update and another week in the extremely eventful cryptocurrency market. We began last week with a bounce at $56,600 AUD after a 9% drop. Bulls rallied hard here and pushed bitcoin all the way to a new high of $63,193 where it remained for most of the week. Bulls & bears fought beneath the new all-time-high (ATH) with no clear outcome - driving price into an ever-shrinking pocket, to now sit at $62,186. What is notable is bitcoin has created a clear ascending triangle on the 4hr. Over the 7-days both dips have created higher-lows and confirmed the lower trendline. Expect to see a resolution of the pattern soon.

Recapping Monday to Sunday last week in detail: we saw momentum clearly swing back to the bulls in the early part of the week with a strong rally of 9% and creating a new ATH of $63,193 on the 11th. Notably, bulls could not make a drive higher with resistance in the $62,000 area proving too strong to breach. The weakness here coupled with a heavy euphoric sentiment led to bitcoin falling 7%. The sharp $3,200 fall to the bottom of the trendline caused panic and the altcoin market saw heavier losses. The bleeding of the BTC price and the immediate panic throughout the market appears to have subsided. Bitcoin has since recovered all it’s losses and altcoins have shown surprising strength after the initial drop. In the week ahead, bitcoin will grapple with a resolution to the ascending triangle pattern and it appears on the cusp of making a decision at the resistance ceiling. Historically these patterns play out in favour of the trend and bulls will be eyeing a sprint to the psychological resistance level of $70K AUD, if we see a breakout. Bears will be lamenting their weakness to crush the bulls in that last drop and will be looking for a fake-out to the upside and then a powerdrive to the 50 EMA at $56,000. Barring the recent volatility, the altcoin market has been absolutely flying over 7-days. For the major altcoins: Bitcoin Cash (BCH) appears to be making a move, up 51% while Dash (DASH) led the pack with a huge weekly rise of 101%. Cosmos (ATOM) continues its incredible run, up 62% and IOTA (MIOTA) has awoken from its slumber up 84%. Another mention is popular cryptocurrency Vechain (VET) that is up 71% and approaching a new ATH.

Market update for beginners

Market ready for a BIG move! Welcome to this week’s market update and another week in the extremely eventful cryptocurrency market. We began last week with a bounce at $56,600 AUD after a 9% drop. Buyers stepped in here and pushed bitcoin all the way to a new high of $63,193 where it remained for most of the week, and now sits at $62,186. Bitcoin appears to be creating what is called an “ascending triangle” on the 4hr. Both dips over 7-days have been higher than the last, we expect to see a resolution of the pattern soon.

Recapping Monday to Sunday last week in detail: we saw momentum clearly swing back to buyers in the early part of the week with a strong rally of 9% and a new high. This was as far as they could go and Buyers could not make a drive higher in the $62,000 area. Seller strength and heavy euphoric sentiment across the market led to bitcoin falling over 7%. The sharp $3,200 fall to the bottom of the triangle caused panic and the altcoin market saw heavier losses. The bleeding of the BTC price and the immediate panic throughout the market appears to have subsided, with bitcoin since recovering all it’s losses and altcoins showing strength after the initial drop. In the week ahead, bitcoin will grapple with a resolution to the triangle pattern and it appears on the cusp of making a decision at the resistance ceiling. Historically these patterns play out in favour of the trend and buyers will be eyeing $70K AUD, if we see a breakout. Sellers will be lamenting their weakness this week to drive the price lower and will be looking for a fall to $56,000 where a key moving average (green line) on the chart sits.\ Barring the recent volatility, the altcoin market has been absolutely flying over 7-days. For the major altcoins: Bitcoin Cash (BCH) appears to be making a move, up 51% while Dash (DASH) led the pack with a huge weekly rise of 101%. Cosmos (ATOM) continues its incredible run, up 62% and IOTA (MIOTA) has awoken from its slumber up 84%. Another mention is popular cryptocurrency Vechain (VET) that is up 71% and approaching a new ATH.

Read our full market update here.