Cointree Crypto Market Update — April 21st 2021
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%.
Despite Deep Plunge, Bitcoin Exchange Reserves Keep Dwindling
This weekend saw a large volume of BTC liquidated, driving the price down more than 10%. While speculation says that some of this sell-off could have been a result of over-leveraged positions or simply fear, uncertainty and doubt (FUD), the sell-off has been defined as a bullish event as weak hands leave the market.
Ethereum To Shatter $4,000 by End of July, Says Coin Bureau
A video released by Coin Bureau recently suggested Ethereum could reach upwards of $4,000 US by the time July comes to a close. The crypto trader and analyst points to an increased number of Ethereum addresses and demand for decentralized finance (DeFi), stablecoins, and NFTs as driving factors behind what could be a 75%+ growth prediction.
While Supporters Rally to Mark “Dogeday 4/20” — Here’s the Weird History of Dogecoin
Doge has done it again… the crypto has captured a swell of hype, driving its price up more than 100% over the weekend and into ‘Doge Day’. Created in 2013 by IBM software engineer Billy Markus and Adobe software engineer Jackson Palme, the meme-coin first caught attention earlier this year but where did it come from?
Did you know?
During the last 6 months, only 36% of bitcoin’s supply has moved.