Bitcoin analysis for 13/04/2018

The Ministry of Internal Affairs of the Russian Federation spokeswoman, Irina Volk, stated that the police detained two people related to the mining farm found in an abandoned factory. As reported in the Russian media, more than 6,000 mining devices were found in the city of Orenburg. Reports also contained a recording of police raids. According to reports, rumors about the mining farm appeared in early March, but the police refused to verify them. The farm has stolen electricity worth 8 million kWh for an estimated cost of 60 million rubles.

This is not the first time that the Russian authorities have closed the illegal operations of extracting cryptocurrencies. In February, the police arrested several scientists working at the nuclear weapons research institute for using supercomputers to mine cryptocurrency.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The price spiked up towards the level of $8,000 with a solid momentum of $1,000 per hour. Moreover, it looks like the market has broken through the golden trend line dynamic resistance around the level of $7,500 as well. The next technical resistance is seen at the level of $9,134 and the nearest technical support is seen at the level of $7,442. The bullish impulsive scenario is still intact.

analytics5ad059e54f7bc.jpg

The material has been provided by InstaForex Company - www.instaforex.com