This week’s trend of Bitcoin blowing through all time highs continues.
The Bitstamp chart shows Bitcoins price reaching $9,721 before taking its first breather. The amount of volume on the move up to $9,700 was higher than average volume over the past few days. As a trader this legitimizes the price move up. From a technical analyst view Bitcoin’s mid-term price support on the 720 min chart (2 bars per day) is currently at $7,431.00. New resistance is now $9,721 and price support sits at $5,555.00 Look for another push small push down before prices takes off through $10,000 USD. Be sure to check out volume moving the price to see the legs this next move has.
A mind blowing number came out of the that Coinbase camp is that 33,000 new users every day are signing up. The amount of Bitcoin mined per day: 1,800. Math and numbers don’t lie. Look for $10,000 plus and cryptocurrency market cap as a whole to reach half a trillion dollars in 2018.
By Mark Dukas, Cryptochartist.com contributor