On Friday, the price of bitcoin (BTC) finally managed to go above the symmetrical triangle, where the price had been falling for the last 30 days. After keeping the $ 11,000 level in the daily close, the price stayed at $ 11,448 on several high-volume bounce.
Cryptocurrency Daily Market Performance Snapshot. Source: Coin360
On October 8, Cointeclague contributor Michel van de Pope stated that in his view:
“If the price of bitcoin breaks through the $ 11,100- $ 11,300 resistance zone, then further upside to $ 12,000 can be expected. It makes $ 11,100 — the $ 11,300 area is an important area for continuity. “
The price is currently above $ 11,400 and the resistance to the meeting is at $ 11,489 which is right at the top of the September 3 candle, falling 13% to $ 9,960 of the BTC. This level aligns with a VPVR node spanning $ 11,400- $ 11,740, but if the bulls are able to push through this resistance cluster, another run at the $ 12K mark is on the card.
BTC / USDT Daily Chart. Source: TradingView
At the daily timeframe, the relative power index is reduced to 65, a rapid signal, and the MACD histogram clearly shows the current bump in motion.
As always, day traders should keep a close eye on the volume as its depletion during the last 30 days is the primary reason for the bitcoin price to remain flat and below $ 11,000.
Bitcoin price daily performance. Source: Coin360
The price of Ether (ETH) also rose, leading a major descending trendline by 3.08% to $ 378.
Ether / USDT Daily Chart. Source: TradingView
At the time of writing the top handwriting is facing resistance at $ 375 where a VPVR node is present in amounts over $ 376– $ 389. If the bulls are able to maintain current momentum and push through this resistance zone, the price of ether could rise to $ 419.
As BTC and Ether defied, the majority of Ultrax suits with double-digit gains. Cardano (ADA) rallied with 10.19%, Chanlink (LINK) with 11.4% and Aave (LEND) with 15%.
According to CoinMarketCap, the overall cryptocurrency market cap is now $ 361.5 billion and the dominance index of bitcoin is currently 58.4%.