Thursday, October 22, 2020

$12K Bitcoin price back on the table after BTC rallies above $11.4K

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On Friday Bitcoin (BTC) price finally managed to break above the symmetrical triangle where the price had been compressing for the last 30 days. After holding the $11,000 level into the daily close, the price rallied to $11,448 on multiple high volume surges. 

Cryptocurrency daily market performance snapshot

Cryptocurrency daily market performance snapshot. Source: Coin360

On Oct. 8 Cointelegraph contributor Micheal van de Poppe explained that in his view:

“If the price of Bitcoin breaks through the $11,100-$11,300 resistance zone, further bullishness can be expected towards $12,000. This makes the $11,100-$11,300 area is a critical zone for continuation.”

Currently 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 drop 13% to $9,960. This level aligns with the VPVR node extending from $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 cards. 

BTC/USDT daily chart

BTC/USDT daily chart. Source: TradingView

On the daily timeframe, the relative strength index has risen to 65, a bullish signal, and the MACD histogram clearly reflects the current bump in momentum. 

As is always the case, day traders should keep a close eye on volume as the lack of it during the last 30-days is the primary reason for Bitcoin price being flat and pinned below $11,000. 

Bitcoin price daily performance

Bitcoin price daily performance. Source: Coin360

Ether (ETH) price also took a bullish turn, by piercing a key descending trendline to rally 3.08% to $378. 

Ether/USDT daily chart

Ether/USDT daily chart. Source: TradingView

At the time of writing the top altcoin is encountering resistance at $375 where there is a high volume VPVR node extending from $376-$389. If bulls are able to maintain the current momentum and push through this resistance zone, Ether price could run to $419.

As BTC and Ether rallied, the majority of altcoins followed suit with double-digit gains. Cardano (ADA) gained 10.19%, Chainlink (LINK) added 11.4% and Aave (LEND) rallied by 15%. 

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $361.5 billion and Bitcoin’s dominance index is currently at 58.4%.

Keep track of top crypto markets in real time here

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