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All of the top 10 coins are rising on the first day of October, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has gone up by 2.59% over the past day.
On the hourly chart, the price of BTC is breaking the local resistance of $116,795. If it happens and the daily bar closes above that mark, there is a high chance of seeing a test of the $117,500-$118,000 zone soon.
On the longer time frame, one should focus on the candle's closure in terms of the nearest level of $117,898.
If it happens around it or above, the accumulated energy might be enough for an ongoing upward move to the $120,000 area.
From the midterm point of view, the picture is neutral as the price of BTC is in the middle of the channel between the support of $107,281 and the resistance of $123,218. As neither bulls nor bears have seized the initiative yet, accumulation phase in the range of $114,000-$120,000 is the most likely scenario.
Bitcoin is trading at $117,171 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team