In the market watch today, we have seen Bitcoin’s price was rejected from the ten-thousand dollars ($10,000) region several times, but now it has managed to overcome the resistance and rise above.
As the price rose above the resistance region, its price rose steadily and has since risen by over five percent (5%) and settled above ten thousand eight hundred dollars ($10800) mark.
Furthermore, this has encouraged trade volumes to rise, which is good for short-term price movements. This price action has been reflected across the crypto market as Bitcoin Cash (BCH), Ripple (XRP), and Ethereum (ETH) are also beginning to see green once again. ETH rose to two hundred and twenty-three ($223.30) dollars while BCH rose to three hundred and thirty-eight dollars ($338.71).
In the last two days, Bitcoin’s price rose by 1000 dollars while the bear’s exhaustion was made clear by the “long-legged Doji” candle. This candle helped the price to rise from ten thousand four hundred dollars ($10,400) to above ten thousand nine hundred and thirty-five dollars ($10,935).
Bitcoin price chart by Trading View
The relative strength index (RSI) recently rose above the 50 levels showing bullish control over the market. While the Moving Average Convergence/Divergence (MACD) is about to turn zero putting an end to the price correction. This would also indicate that the short-term bearish trend from thirteen thousand dollars ($13,000) has ended.
Bitcoin is likely to cross eleven thousand dollars ($11,000) soon while currently, price is slightly above ten thousand nine hundred and sixty-six dollars ($10,966.97) mark. However, there is strong resistance as predicted by Cryptopoolitan.com earlier.
Ethereum has also turned bullish with further potential indicated by the rising MACD. The nearest resistance is at two hundred and twenty-five dollars ($225).
However, the ETH price is likely to fall again as the trade volume remains very low. Ethereum is trading at two hundred and twenty-two dollars ($221.46) at the time of writing.
Ripple, on the other hand, remains unaffected by this movement and price fell by 0.68 percent across the last 24 hours. Price is currently trading at 0.3221 dollars although it is expected to retest the 0.30 support level.
