Good week for the bitcoin and the other cryptocurrencies.
The bitcoin surpassed with strength and volume one of the strongest resistance to overcome, the 7800 dollars. His next resistance is at $ 10,000, this is a strong psychological resistance, since to exceed $ 10,000 would be placing the price above the 100-day moving average, and also beating the long-term bearish channel that had been bringing since the beginning of the year 2018.
Technical analysis for Bitcoin exceeding $ 8,000 and looking for $ 10,000 in the short term.
I overcome with force and volume the 7,800 dollars, and the weakest resistance of 8,200 dollars. In the short term we see an exhaustion upwards in the weekly. The RSI about to give on purchase in seven days and the MACD about to give sale in weekly and monthly. Also in the bands of Bollinger you can notice that the price exceeded the upper band, so we assume that your path to the upside will continue but in the short term you will have to rest not to arrive exhausted to $ 10,000, as it would be very negative for the price do not exceed the resistance of $ 10,000, for doing it for the third time in a row.
In the bitcoin monthly chart we see that there is a bullish divergence, this added to the volume with which broke the resistance of $ 8,200, we can think that the price will fall to possibly take momentum and exceed $ 10,000. As a support the cryptocurrency has the $ 7,800, (strong support) and then the $ 6,400. Once over $ 10,000 has resistance of $ 12,000.
Why does the price of bitcoin go up? The whole market has been trending downwards since the end of 2017 and the beginning of 2018. The trend was extremely bearish, however, two fundamental news hit to believe that the price and volume of the market are up, mainly the statements of members of the SEC who are thinking of a possible regulation by the end of the year. On the other hand the news of the EFT of Bitcoin, which would give the possibility that investment funds can speculatively buy and sell bitcoin. Also once the EFT goes to market it will allow other cryptocurrencies to have their own EFT.