[2016-06-11] Bitcoin Eyes $600 as Momentum Builds

[coinzat]

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.

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[BellaBitBit]

Well that happened    How high will it go?  that article suggest sharp upwards movement.

[richardsNY]

Well that happened    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.

[Semidetached]

Well that happened    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.

China is still buying. Maybe we'll stabilize for a few days again but then probably go higher. The only thing I see stopping this is when Bitcoin halves and people dump...

[angaper]

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.