Bitcoin price rallied to $11,491 after bulls managed to flip the $11K amount from resistance to support.
On Friday Bitcoin (BTC) price lastly managed to stop above the symmetrical triangle in which the price had been compressing for that last thirty days. Right after holding the $11,000 level into the daily close, the price rallied to $11,448 on multiple high volume surges.
Cryptocurrency each day market performance snapshot
On Oct. eight Cointelegraph contributor Micheal van de Poppe explained that in his view:
When the price of Bitcoin breaks in the $11,100 1dolar1 11,300 resistance zone, additional bullishness could be expected towards $12,000. This will make the $11,100-1dolar1 11,300 area is a critical zone for continuation.
Presently the cost is possessing above $11,400 and conference resistance at $11,489 which is right at the roof of the Sept. 3 candle which saw BTC fall 13 % to $9,960. This level aligns together with the VPVR node extending from $11,400 1dolar1 11,740, but in case the bulls can push through this resistance cluster another run on the $12K mark is on the cards.
On the day timeframe, the relative power index has risen to sixty five, a bullish signal, thus the MACD histogram definitely reflects the present bump in momentum.
As is definitely the case, day traders must keep a close eye on volume as the lack of it throughout the last 30 days is the primary reason for Bitcoin price being level and pinned below $11,000.
Within the time of writing the top altcoin is encountering resistance at $375 where there’s a high volume VPVR node extending from $376-1dolar1 389. When bulls have the ability to keep the present momentum as well as push through this resistance zone, Ether price might power to $419.
As BTC and Ether rallied, the majority of altcoins followed fit with double-digit gains. Cardano (ADA) acquired 10.19 %, Chainlink (LINK) added 11.4 % and Aave (LEND) rallied by 15 %.
Based on CoinMarketCap, the complete cryptocurrency market cap now stands at $361.5 billion and Bitcoin’s dominance index is now at 58.4 %.