Bitcoin price rallied to $11,491 after bulls handled to flip the $11K amount from resistance to support.
On Friday Bitcoin (BTC) price lastly managed to break above the symmetrical triangle where the price had been compressing for that previous 30 days. After holding the $11,000 level into the day close, the price rallied to $11,448 on a number of higher volume surges.
Cryptocurrency daily market general performance snapshot
On Oct. 8 Cointelegraph contributor Micheal van de Poppe clarified that in his view:
If the price of Bitcoin breaks through the $11,100 1dolar1 11,300 resistance zone, further bullishness could be anticipated towards $12,000. This will make the $11,100 1dolar1 11,300 area is a critical zone for continuation.
Now the price is holding above $11,400 and meeting 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 along 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 actually on the cards.
On the daily timeframe, the distant relative toughness index has risen to 65, a bullish signal, and the MACD histogram clearly 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 during the last 30-days is the main reason for Bitcoin price being flat and pinned under $11,000.
At the time of composing the best altcoin is encountering resistance at $375 where there is a high volume VPVR node extending through $376-1dolar1 389. When bulls can retain the present momentum as well as push through this opposition zone, Ether price could very well power to $419.
As Ether and BTC rallied, the majority of altcoins followed suit with double digit gains. Cardano (ADA) gained 10.19 %, Chainlink (LINK) extra 11.4 % as well as Aave (LEND) rallied by fifteen %.
Based on CoinMarketCap, the overall cryptocurrency market cap today stands during $361.5 billion and also Bitcoin’s dominance index is now at 58.4 %.