With BTC’s trading volume surging from previous pullback on Oct 12, it’s quite apparent that the coin aims at stabilization in the short term. Though having a slight correction on the next day, BTC maintains its bullish trend, according to CoinNess in-house analyst Jins. As the 10-min MA suggests a selling climax amid the brisk retracement yesterday, some investors were obviously cashing out to benefit quickly. Meanwhile, the coin reversed the correction status and rallied to $11,724, the highest level during this rebound. Even higher trading volume was observed while BTC rose, meaning investors were busy buying, while the volume shrank amid retracement, a proof that there was no considerable capital outflow. “Therefore the coin will keep its pace of revival with great potential to close higher,” said Jins. When analysed with the Fibonacci Retracement indicator, BTC will be swinging between $11,515 and $13,488, which are identified as the 0.5 level and 0.618 level respectively, and this falls into the range where investors are expected to profit. Most of the mainstream tokens show strong performance while few experience a substantial correction. Privacy tokens like XMR and ZEC keep rising and the exchange token BNB soars by over 10%, evidence for bullish. The uptrend of these mainstreams may transition from structural performance to a general status, depending on the overall gain of top coins by market cap, including BTC and ETH.
