Bitcoin price breaks out! Ethereum and cardano are rising, but these altcoins are going even faster
The bitcoin (BTC) price now seems to be finally making a serious attempt to break the declining trend line of the past period! With that, the price is now directly approaching the next resistance zone, are we going to...
The bitcoin (BTC) price now seems to be finally making a serious attempt to break the declining trend line of the past period! With that, the price is now directly approaching the next resistance zone, are we going to push through? Ethereum (ETH) is also making a nice move at the time of writing and is again trying to break the key resistance near USD 3,000.
Bitcoin (BTC) price rising, the start of a further recovery?
In his daily share price update for Insiders, Michiel already suggested the possibility that the weekend will turn green. Haven’t seen his race video yet? Then view it here. Not an Insider yet? Try the membership for free for the first 30 days via this link.
Bitcoin has shown a nice move in the past few hours in what appears to be a classic breakout above a trendline. Yesterday the price reached this trendline, which was formed since September 24, but was unable to break above it immediately. The bulls did not give up however and instead of another dive towards the supportzone at $41,000, they turn on one more time. After a battle of about 24 hours, it now seems to work!
After a bounce on top of the aforementioned declining trendline, the price now seems to be breaking out. Over the past four hours, bitcoin has risen 3% in value and the mother of all cryptocurrencies is worth $44,722 at the time of writing on crypto exchange Coinbase.
However, the way up does not seem to be immediately open. Thus, we are currently reaching the midline of the Bollinger Bands on the daily chart. Right above this is the 200 days moving average (MA). In addition, $45,000 as a round number can, of course, form a psychological resistance. In short, keep an eye out for the next few hours!
#BTC
4H TF
And here comes the pump. Reaching resistance + 200 EMA.
Flip that area and we will exit that annoying range$BTC pic.twitter.com/YzvUcSAc6S
— Devchart 👨🏻💻 (@devchart) October 1, 2021
Altcoins follow bitcoin
Bitcoin is more than 3% in the plus with this morning’s movement compared to 24 hours ago. Ethereum also seems to be able to do good business. The altcoin is currently trying again to break the USD 3,000 resistance and is up 2.6%. Cardano (ADA) is finally rising a bit and is 2.5% in the plus. Nevertheless, over the past 7 days, ADA is still down 7% and is the worst performer of the top 10.
Within the top 100, OMG Network (OMG) is the largest climber with 20%. Vechain (VET) is also doing good business and is up 16%. Qtum (QTUM) and tezos (XTZ) rise 15% and 12% respectively. A great start to Friday!
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