On Friday, the price of Bitcoin (BTC) finally managed to break out of the symmetrical triangle where the price had been compressed for the past 30 days. After the price had held the level of USD 11,000 at the end of the day, the price rose in several volume peaks to USD 11,448.
Snapshot of the daily performance of the cryptocurrency market. Source: Coin360
October 8th, Cointelegraph Contributor, Michael van de Poppe, stated that in his opinion:
“If the price of Bitcoin breaks the resistance zone between $ 11,100 and $ 11,300, we can expect more optimism towards $ 12,000. This makes the area between $ 11,100 and $ 11,300 a critical zone to continue. “
The price is currently above $ 11,400 and encountering resistance at $ 11,489. This is at the top of the September 3rd candle, when BTC fell 13% to $ 9,960. This level corresponds to the VPVR node, which is between $ 11,400 and $ 11,740. However, if the cops are able to break through this resistance group, Another run is expected at $ 12,000.
Daily chart of the BTC / USDT pair. Source: TradingView
In the daily period The Relative Strength Index rose to 65, a bullish sign. and the MACD histogram clearly reflects the current pulse rise.
As always, Day traders should keep an eye on the volume. The lack of this information in the past 30 days is the main reason why the price of Bitcoin is flat, below $ 11,000.
Daily performance of the Bitcoin price. Source: Coin360
The price of Ether (ETH) it also took a bullish turn Piercing a major downtrend line 3.08% to $ 378.
Ether / USDT daily chart. Source: TradingView
At the time of writing, the big altcoin is facing resistance at $ 375, where there is a high volume VPVR node that extends from $ 376 to $ 389. If the bulls maintain current momentum and break through this zone of resistance, the price of Ether could reach USD 419.
As BTC and Ether rebounded, most altcoins followed, with double-digit gains. Cardano (ADA) grew by 10.19%, Chainlink (LINK) by 11.4% and Aave (LEND) by 15%.
According to dates CoinMarketCap, The total market cap for cryptocurrencies is now $ 361.5 billion, and Bitcoin’s dominance index is currently 58.4%.