Insights > Technical analysis > Buy signal on the cryptocurrency market, Bitcoin breaks the $11,000 level

Buy signal on the cryptocurrency market, Bitcoin breaks the $11,000 level

14 October 2020

Temps de lecture 4 minutes

Julien Moretto

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In our last week analysis, we said that Bitcoin was coming at a crucial moment that would surely set the trend for the end of the year. As is often the case, the king of cryptocurrencies did not disappoint, initiating a nice bullish move starting on October 8. The technical information to remember is that the price of Bitcoin broke through a significant resistance by passing above €9,400 ($11,000). Over the week, Bitcoin gained 6% and climbed to around €9700 ($11,400). The other cryptoassets remain in its wake, starting with Ethereum at +11% over the week.

Badly affected by the fall in prices since the beginning of September, tokens linked to the DeFi ecosystem also rebounded, with performances of more than 20% over one week for certain assets. Beyond the confirmation necessary to speak of a long-term bull market, a worrying aspect comes from the persistent correlation between the price of Bitcoin and that of the US stock markets. The two asset classes, previously uncorrelated, now seem to move in concert. The US S&P500 index has also appreciated very significantly since October 8. Given the current political and economic uncertainties, the probability that Bitcoin will be treated as a high-risk asset rather than a safe haven remains high!

  • According to CoinGecko, Market capitalization jumps to $369 billion, up from $339 billion last week.
  • Bitcoin’s dominance is almost stable at 57.4%, compared to 57.9% last week.
  • The best performance in the top 50 is to be attributed to UMA with +35.9% over one week.

We invite you to discover our analysis in video (in french and dated from October 13) :

Bitcoin (BTC)

Coinhouse recommendation : 
Buy on signal

  • Our recommendation of the week is to be analyzed in detail. We assume that the break of €9450 ($11,200) is a buy signal. Those who are in position last week should keep it for as long as certain supports hold. Buyers now need to confirm that they have taken control in the medium-long term. The €9300 to €9450 ($11,000 to $11,200) level must now be defended as a support. Any signals of a reversal on this level can be an opportunity to buy or to add on position. The price can also correct more deeply to bounce back around €9030 to €9200 ($10,600 to $10,800). If the rebound is confirmed, we will retest the $12,000 level first.
  • Be careful not to forget that a bearish reversal is still possible. Any return of the price below €9030 ($10,600) will be a sell signal and the odds will be high to retest and then break the $10,000 level.

Ethereum (ETH)

Coinhouse recommendation
Buy on breakout

  • A good week for Ethereum (ETH), up 8% to €325 ($381) on October 14. However, technically speaking, the price is still trapped in a range formed by the €265 ($310) support and the €316 ($390) resistance on which it stumbled on October 13. Sellers will try to regain control of this level and push the price down the range, between $310 and $300. The bullish scenario consists of a consolidation under the upper limit of the range and then break it from the top, which will be a signal to buy or reinforce on Ethereum. We will then target the next resistance at €370 ($445). If the sellers strongly take over and break the 310$, it will be a sell signal with the objective of supporting the €245 ($290).

Tezos (XTZ)

Coinhouse recommendation: 

  • Tezos (XTZ) rebounded 12.2% this week to €1.97 ($2.32). It bounced on an important pivot zone between €1.65 and €1.75 ($1.80 and $1.95). This is a favorable zone for long-term purchases on Tezos. Even though the price has rebounded well this week, investors looking for a long-term position on Tezos can still buy. The invalidation will take place when the price drops below $1.80. The first profits will be taken at the €2.60 ($2.90) level, the first Fibonacci retracement of the bearish move that began in mid-August.

Tops & flops of the week (top 50 marketcap)


1- UMA : +34,5%
2- AAVE : +25%
3- Chainlink (LINK) : +24%


1- EOS: -2,3%
2- coin (CRO) : -2,1%
3- LEO Token (LEO) : -1,2%

In this article, all information is given for information purposes only, even if it has been established from serious and reputable sources. It does not constitute an offer by Coinhouse to buy or sell digital assets, or an offer to provide services on digital assets, nor does it constitute advice, encouragement or a recommendation to operate on the digital assets in question. It constitutes simple information over which the user retains absolute control. We inform you that if you choose to invest in digital assets, you must be aware of our general terms and conditions of sale ( and accept the various risks listed and defined on our legal warning page (

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