Cointree Crypto Market Update - July 22nd 2020

Market update for traders

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In a cracking end to the week, we finally saw bitcoin make a decisive break to the upside after the largest crypto by marketcap teetered on the crucial $13,000 AUD level.

After mentioning that bitcoin’s volatility was at record lows last week, we are now seeing some positive action on heavy volume that reclaimed the 50 EMA and could signal a bigger move to come. Compared to the USD charts, bitcoin has looked much weaker against AUD these past weeks due to a strongly appreciating AUD, but we may see that change if key EMA’s are reclaimed. With every reason to fall lower, and market sentiment fearful, bears failed to make a new monthly low under $12,900. The strong resistance in this area, which has been tested three times in July, gave bulls confidence to break above the ceiling of the range at around $13,200.

While it’s easy to get excited, bitcoin still has a lot of work to do to confirm a new uptrend and signal another crack at $15,000. The bulls need to capitalise on the weeks of indecision and reclaim the monthly high of $13,600 - and then push on to mirror the breakout of precious metals, Silver & Gold.

At the time of writing, the July alt-coin run continues... syscoin is up a staggering 297%, waves 39%, and aave coin strong again with a 55% rise.

Market update for beginners

In a cracking end to the week, we finally saw bitcoin make a decisive break to the upside after the largest crypto by marketcap looked devoid of oxygen at the $13,000 AUD level.

After mentioning that bitcoin’s price action was at record lows last week, we are now seeing a fast move up on heavy volume that could signal a larger push higher in the next 7-days. Compared to the USD charts, bitcoin has looked much weaker against AUD these past weeks due to a strongly appreciating AUD, but we may see that change if buyers keep their foot on the pedal. With every reason to fall lower, and market sentiment fearful, sellers failed to make a new monthly low under $12,900. The area, visited three times in July without further downside, gave buyers confidence that they were getting good market value and stepped in.

Key Takeaway: While it’s easy to get excited, bitcoin still has a lot of work to do to confirm a new uptrend and signal another crack at $15,000. Buyers will be looking to capitalise on the weeks of indecision and reclaim the monthly high of $13,600 - then push on to mirror the breakout of precious metals, Silver & Gold.

At the time of writing, the July alt-coin run continues... syscoin is up a staggering 297%, waves 39%, and aave coin strong again with a 55% rise.