Bitcoin price rallied to $11,491 following bulls maintained to flip the $11K level from resistance to support.
On Friday Bitcoin (BTC) price finally maintained to break above the symmetrical triangle in which the price had been compressing for any last 30 days. Right after holding the $11,000 level into the day close, the price rallied to $11,448 on multiple 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 can be anticipated towards $12,000. This makes the $11,100-1dolar1 11,300 area is an important zone for continuation.
Presently the price is holding above $11,400 and meeting resistance at $11,489 which is right at the top of the Sept. 3 candle which saw BTC fall thirteen % to $9,960. This level aligns with the VPVR node extending from $11,400-1dolar1 11,740, but in case the bulls are able to push through this resistance cluster another run at the $12K mark is on the cards.
On the daily timeframe, the relative toughness index has risen to 65, a bullish signal, therefore the MACD histogram clearly reflects the present bump in momentum.
As is definitely the situation, day traders ought to keep an eye on volume as the absence of it during the last 30-days is actually the primary reason for Bitcoin price being flat and pinned below $11,000.
Within the time of creating the very best altcoin is encountering resistance at $375 where there is a large volume VPVR node extending from $376-1dolar1 389. If bulls are able to maintain the current momentum and push through this resistance zone, Ether price could run 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 %.
According to CoinMarketCap, the complete cryptocurrency market cap now stands at $361.5 billion and Bitcoin’s dominance index is now at 58.4 %.