BTC, ETH, and DOT Price Analysis for October 7
The situation has slightly changed on the cryptocurrency market as the altcoins are now more powerful than Bitcoin (BTC).
Buyers formed a strong bullish momentum yesterday afternoon, and the Bitcoin (BTC) price broke through the orange resistance at $53,400, which had been holding back the pair's growth throughout the summer.
The bears managed to slow down the growth only in the area of the $55,288 level. The four-month high is set at $55,800.
There is a short pullback this morning. This is an indirect sign that the bulls intend to continue the race to a new high. If the onslaught of buyers intensifies, then the price may reach the resistance of $58,000.
Bitcoin is trading at $54,059 at press time.
Yesterday's rise in the Ethereum (ETH) price pulled the prices of the liquid altcoins with it, and the ETH/USD pair broke through the resistance of $3,600, setting a new October high at $3,630.
The Ethereum (ETH) price rolled back from the high zone tonight below the weak support of $3,500. However, in the morning, the decline stopped and the pair is ready to continue its growth to a new monthly maximum.
If the positive sentiment of buyers is supported by the growth of the cryptocurrency flagship, then the Ethereum price may reach $3,700.
Ethereum is trading at $3,589 at press time.
Polkadot (DOT) is the biggest gainer from the list today as the growth of the altcoin has accounted for more than 9%.
On the daily chart, the altcoin has started its rise after being in the accumulation channel for a few days. The growth is also supported by the high trading volume, which means that buyers are ready to keep growing. In this case, the more likely scenario is the test of the nearest resistance at $38.77.
DOT is trading at $34.89 at press time.Source