It looks like the record fall of US indices played into the hands of the main crypto currency and stopped its fall at 6000 dollars per bitcoin. Risks are still high and pressure on bitcoins from regulators of different countries will continue. At the same time, the withdrawal of some investors from the stock market allowed bitcoin to gain a foothold over the session above $ 7,500, and at the time of writing the review, it trades above $ 8,000 for a virtual coin. This happened primarily because investors went into the US dollar and some of the particularly risky speculators preferred to diversify their portfolios partially in bitcoin. The second important factor is the fact that Christopher Giancarlo, head of the US Commodity Futures Trading Commission (CFTC), in a letter to the US Congress, noted the great potential of the detachment for the development of the economic sector and stressed that without crypto currency this technology would be impossible. Presence, perhaps, the first positive news since the beginning of the year, charged players with moderate optimism. If we take technical preconditions for the growth of bitcoin, then on the daily charts of bitcoin on RSI14, the bearish convergence is seen, which is a strong signal of the forthcoming market reversal. Breakdown by the price of MA200 and consolidation above it will be a good signal for increasing purchases. However, near the range of 8000-8200 strong resistance level is concentrated and, if negative news appears during the day, bitcoin can again go down to the level of 6000 and even 5000 dollars. However, the absence of negative news, able to return the price to the level of 10,000 usd before the end of this week.

Alexander Hoggarth, Bulltraders.com analyst

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