Bitcoin price rallied to $11,491 following bulls managed to flip the $11K degree from resistance to support.
On Friday Bitcoin (BTC) price lastly handled to kick above the symmetrical triangle in which the price had been compressing for that previous 30 days. After holding the $11,000 amount into the daily close, the cost rallied to $11,448 on multiple high volume surges.
Cryptocurrency daily market performance snapshot
On Oct. eight Cointelegraph contributor Micheal van de Poppe clarified that in his view:
When the price of Bitcoin breaks through the $11,100-1dolar1 11,300 resistance zone, additional bullishness may be expected towards $12,000. This will make the $11,100 1dolar1 11,300 area is an essential zone for continuation.
Now the cost is having above $11,400 and conference resistance at $11,489 that is right at the top of the Sept. three candle which saw BTC decline thirteen % to $9,960. This level aligns along with the VPVR node extending through $11,400 1dolar1 11,740, but if the bulls are able to push through this resistance cluster another run on the $12K mark is actually on the cards.
On the day timeframe, the relative toughness index has risen to sixty five, a bullish signal, thus the MACD histogram clearly reflects the current bump of momentum.
As is definitely the case, day traders must keep an eye on volume as the absence of it during the last 30 days is the main reason behind Bitcoin price being level and pinned under $11,000.
Within the time of composing the top altcoin is actually encountering resistance at $375 in which there is a high volume VPVR node extending from $376-1dolar1 389. If bulls are able to maintain the present momentum and push through this opposition zone, Ether price might run to $419.
As BTC and Ether rallied, the vast majority of altcoins followed suit with double digit gains. Cardano (ADA) gained 10.19 %, Chainlink (LINK) extra 11.4 % and Aave (LEND) rallied by 15 %.
Based on CoinMarketCap, the overall cryptocurrency market cap now stands during $361.5 billion and Bitcoin’s dominance index is now at 58.4 %.