Market Analysis

Improvement of BTC volume – sign of rally preparation?

Improvement of BTC volume – sign of rally preparation?
Oct 10, 2018 by Rico Wise

The trading volume of BTC currency has grown by 12% to reach 3.6 billion US dollars on CoinMarketCap. Some of the digital currencies, such as 0x and Polymath registered 5-10% price growth over the last day, although Bitcoin, being unable to display a sound volume recovery to its former glory at approximately 4.3 billion USD did not let the remainder of the cryptomarket initiate any substantial surge.

Most of the technical analysts and renowned merchants in the sector of digital currency await some big action to happen on the cryptomarket, whether positive or negative. As of now, because of comparatively low volume of the digital currency exchange market, there is no certainty in the hope that the upcoming big rally of BTC will help it overcome the resistance levels set at 6,800 USD and 7,000 USD respectively.

Therefore, in the upcoming days, there is a chance for Bitcoin to register a significant volume surge, possibly breaking out from the 6,800 USD level, or experiencing yet another shakeout prior to starting a sound upside movement in the short term.

Bitcoin has a history of initiating big and strong recoveries subsequent to devastating 60-80% corrections, with a few months of stability. Therefore, it is very likely that the most popular digital asset will test its resistance levels in the weeks to follow, provided that it sustains its trading volume.

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NameRatingType
0x
Coin
Polymath Network
Coin
Bitcoin
Coin