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Title: [2016-06-11] Bitcoin Eyes $600 as Momentum Builds Post by: coinzat on June 11, 2016, 08:15:20 PM The price of bitcoin has spiked in recent weeks and appears poised to break $600 for the first time since 2014, as growing uncertainty over China’s yuan policy has triggered renewed buying interest in the cryptocurrency.
The price of bitcoin, as expressed by the BTC/USD exchange rate, approached $591 last week for the first time since July 2014, according to the CoinDesk Bitcoin Price Index. The BTC/USD exchange rate was last seen trading at $582.00 Saturday, having declined 0.6% from the previous close. The cryptocurrency edged up only slightly last week after a dramatic rise at the end of May. Since May 26, the price of bitcoin has surged by nearly 30%, pushing the cryptocurrency into overbought levels on the Relative Strength Index (RSI). The RSI peaked near 90 in early June and was last seen around 79.5. Price action has strengthened, with the 20-day and 50-day moving averages on sharp upward trajectories. read the full article (http://www.economiccalendar.com/2016/06/11/btcusd-bitcoin-eyes-600-as-momentum-builds/) Title: Re: [2016-06-11] Bitcoin Eyes $600 as Momentum Builds Post by: BellaBitBit on June 12, 2016, 12:05:22 AM Well that happened ;D How high will it go? that article suggest sharp upwards movement.
Title: Re: [2016-06-11] Bitcoin Eyes $600 as Momentum Builds Post by: richardsNY on June 12, 2016, 02:54:10 AM Well that happened ;D How high will it go? that article suggest sharp upwards movement. We broke through the $600 level, yes! I think it will be very difficult for the price to get to $700 now, as we will first need to get rid of loads of people that are looking to secure profits within $600-$700. I like to see the $600 level being maintained in the exact way we maintained $500 not long ago. Title: Re: [2016-06-11] Bitcoin Eyes $600 as Momentum Builds Post by: Semidetached on June 12, 2016, 06:26:43 PM Well that happened ;D How high will it go? that article suggest sharp upwards movement. We broke through the $600 level, yes! I think it will be very difficult for the price to get to $700 now, as we will first need to get rid of loads of people that are looking to secure profits within $600-$700. I like to see the $600 level being maintained in the exact way we maintained $500 not long ago. Title: Re: [2016-06-11] Bitcoin Eyes $600 as Momentum Builds Post by: angaper on June 12, 2016, 07:25:04 PM Moving averages? RSI? There are people in these modern days still believing in technical indicators as a reliable way to understand the market behavior? It is well known that these old indicators are nothing but pseudo science based on mere subjective observations, and this is especially true in the case of the very new altcoin market.
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