On Friday, the price of Bitcoin (BTC) finally managed to break above the symmetrical triangle in which the price has been contracting for the past 30 days. After holding the $ 11,000 level on the daily close, the price rallied to $ 11,448 on several high volume jumps.
Cryptocurrency daily market performance snapshot. Source: Coin360
On October 8, Cointelegraph contributor Michael van de Poppe explained what he thinks is:
“If the price of bitcoin breaks the resistance zone of $ 11,100-11,300, we can expect further growth towards $ 12,000. This makes the $ 11,100-11,300 area a critical area for continuation. "
The price is currently holding above $ 11,400 and is meeting resistance at $ 11,489, which is at the top of the September 3 candlestick when BTC fell 13% to $ 9,960. This level coincides with the VPVR node extending from $ 11,400 to $ 11,740, but if the bulls can push through this resistance cluster, there is another move ahead to the $ 12K mark.
BTC/USDT daily chart. Source: TradingView
On the daily timeframe, the relative strength index climbed to 65, it was a bullish signal, and the MACD histogram clearly reflects the current momentum jump.
As always, day traders should keep a close eye on volume as the lack of it over the past 30 days is the main reason the bitcoin price stays flat and holds below $ 11,000.
Bitcoin price daily performance. Source: Coin360
Ether (ETH) price also took a bullish turn, breaking the key downtrend line and rallying 3.08% to $ 378.
Ether/USDT daily chart. Source: TradingView
As of this writing, the upper altcoin is meeting resistance at $ 375 where there is a high volume VPVR node extending from $ 376 to $ 389. If the bulls can maintain current momentum and break through this resistance zone, the price of ether could rise to $ 419.
As BTC and Ether rallied, most altcoins followed suit with double-digit gains. Cardano (ADA) added 10.19%, Chainlink (LINK) added 11.4%, and Aave (LEND) gained 15%.
According to CoinMarketCap, the total cryptocurrency market capitalization is currently $ 361.5 billion, and the Bitcoin Dominance Index is currently 58.4%.
0 Comments