Cointree Crypto Market Update - April 21st 2021

Market update for traders

Jump to the beginner's version

Welcome to this week’s market update and another week in the extremely eventful cryptocurrency market. Bitcoin (BTC) began last week breaking the ascending triangle to the downside, with bears driving bitcoin’s price below support, and below the 200 EMA, to a low of $70,439 AUD yesterday. Price action was oscillating in a downward trend, with the biggest drop taking place over the weekend, plunging the market cap leader more than 10% and seeing it tumble the most since February. A sharp correction like this has been seen consistently this year, taking place after every new all-time high (ATH), and then spending three to four weeks in consolidation before going on to reach new ATHs. Looking forward, it appears support has been found at $70k AUD, with a new descending triangle formation. Bulls will need to break through resistance at $74k if we are to see bitcoin potentially return to its bull run. Should bears push the price below $70k however, we could be looking at a longer downward trend. Could this just be the sharp correction pattern we’ve seen in the past months, or is it a sign of a larger downward trend? The next 24 hours could reveal all.

For the altcoins: Doge (DOGE) saw another impressive run, up 123% on Monday from Thursday this week, retreating 19% at the time of writing. Siacoin (SC), the decentralised storage platform, rose 36% over 7-days, while Verge (XVG) and DigiByte (DGB) both saw gains of more than 24%.

Read our full market update here.

Market update for beginners

Welcome to this week’s market update and another week in the extremely eventful cryptocurrency market. Bitcoin (BTC) began last week failing to continue its path above $85k, with sellers driving the price below support, and to a low of $70,439 AUD yesterday. In a downward trend, buyers and sellers fought to find ground, however sellers seemed to win over the weekend, plunging the market cap leader more than 10% and seeing it tumble the most since February. A sharp correction like this has been seen consistently this year, taking place after every new all-time high (ATH), and then spending three to four weeks in consolidation before going on to reach new ATHs. Looking forward, it appears support has been found at $70k AUD, with a new descending triangle formation unfolding. Buyers will need to break through resistance at $74k if we are to see bitcoin potentially return to its bull run. Should bears push the price below $70k however, we could be looking at a longer downward trend. Could this just be the sharp correction pattern we’ve seen in the past months, or is it a sign of a larger downward trend? The next 24 hours could reveal all.

For the altcoins: Doge (DOGE) saw another impressive run, up 123% on Monday from Thursday this week, retreating 19% at the time of writing. Siacoin (SC), the decentralised storage platform, rose 36% over 7-days, while Verge (XVG) and DigiByte (DGB) both saw gains of more than 24%.

Read our full market update here.