Horizontal resistance, based on recent swing lows, has not held, and the market is only $300 billion away from making an all-time high in capitalization.
CRYPTOCURRENCY MARKET TOTAL CAPITALIZATION – OCTOBER 7, 2021
Chart via TradingView.com
Bitcoin trades on either side of $54k, after hitting a one month high of $55,750 in today’s session. BTC has moved into overbought territory due to the rally that fueled the break above the trend resistance at the beginning of the month. BTC must get this out of the way before it can move higher. CCI has proven to be a valuable tool in identifying areas where Bitcoin is overbought/oversold.
BITCOIN (BTC/USD), DAILY PRICE CHART, OCTOBER 7, 2021
The alt-coin has been underperforming Bitcoin over the past few days. However, Shiba inu (SHIB), has rallied strongly since the beginning of the month and is now up about 400%. SHIB, which had been underperforming the market in the past few weeks and has not participated in any alt-coin rallies, is now back in the spotlight thanks to the recent surge. Although there’s no clear reason for the move it does look strong on high volume. If the market falls, this should provide some support.
SHIBA INU (SHIB) DAILY PRICE CHART – OCTOBER 7, 2021
Is Bitcoin bullish or bearish? We welcome your feedback via the contact form at the bottom of the article or via Twitter @nickcawley1.
