Recently on Friday, the price of the leading cryptocurrency Bitcoin [BTC] finally managed to extend its reach above the symmetrical triangle where the worth had been compressing for the past month. After successfully holding the $11k level into the daily close, the worth rallied near to $11,445 USD on several exchanges.
Presently the worth is holding above the $11,400 USD benchmark and meeting resistance at $11,489 USD which is at the top of the 3rd Sept. candle that eventually saw BTC drop 13% to $9,960 USD. This level aligns with the VPVR node extending from $11,400 USD to $11,740 USD, but if the bulls are ready to erupt this resistance cluster another run at the $12K mark is on the cards.
In the daily timeframe, the relative strength index has risen to 65, which is indeed a bull signal, and therefore the MACD histogram clearly reflects the present bump within the momentum.
As is usually the case, day traders should keep an in-depth eye on volume due to the lack of it during the last 30-days as the primary reason for Bitcoin price being flat & pinned below $11,000 USD.
The price of the second leading cryptocurrency Ethereum [ETH] on the other hand, also took a bull turn, by piercing a key descending trendline to rally 3.08% to over $375 USD.
At the reporting time, the top altcoin is encountering resistance at $375 USD where there’s a high volume VPVR node extending from $376 USD – $389 USD. If bulls are ready to maintain the present momentum and erupt this resistance zone, the next Ethereum price push is expected to run near to $419 USD.
As Bitcoin & Ethereum rallied, the bulk of altcoins followed suit with double-digit gains followed by Cardano [ADA] gaining 10.19%, Chainlink [LINK] adding 11.4% & Aave [LEND] up by 15%.
As per CoinMarketCap, the overall cryptocurrency market capitalization now stands at $361.06 Bln, and Bitcoin’s dominance index is presently over 58.2%.