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Bitcoin Technical Analysis for the month of October 2018

he market for cryptocurrencies continues in a clear bearish trend, possibly this Bear trend of the main cryptocurrencies is due to doubts about the global legality of these financial assets as a form of payment.
Among the highlights of this year we find that I help the cryptocurrency market to lose liquidity the SECcoin’s denial of the Bitcoin ETF.
On the other hand, digital currencies got more than 70 new speculative funds to enter the market, giving some validity to the new market.

Bitcoin Technical Analysis for the month of October 2018.

The preferred cryptocurrency of minority investors and mutual funds follows a clear long-term downtrend, possibly Bitcoin will not be able to overcome it this October, unless there is good news to mark the correction of the cryptocurrency.

In the monthly chart Bitcoin we see that the digital currency is still bearish trend since early 2018, where he knew to mark a strong ceiling in the $ 10,000, this downward trend of Bitcoin is located in the nearly $ 2,800, however the active has a strong support at $ 4,700.
In the monthly chart you notice a decrease in volume to the downside, and the RSI giving weekly purchase, for this reason we may think that the Bitcoin has a bullish outlook looking for 7,200 / 7,400 dollars.

In the monthly Bitcoin chart we see a clear upward trend that could place the price close to $ 8,000. MACD about to give purchase and RSI in 40 points positive.

Important resistance for the Bitcoin 7,400 dollars.
Important support 4,700 Dollars.

Data to be taken into account in October on Bitcoin and the cryptocurrency market. The SEC will review the regulation of digital currencies in the United States, this is due to a request from the US Congress.
On the other hand, Russia approved the law on new technologies that include cryptocurrency as a form of payment, however the revision of several articles that must be approved by the Russian congress is missing. Once the law is passed, the use of cryptocurrencies in Russia will be a fact.

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