Bitcoin Price Cracks $600, Bullish Indicators May Take it Higher
Bitcoin Price Violates $600, Bullish Indicators May Take it Higher
The price of bitcoin is in a bullish pattern, eyeing significant spikes over the past twenty four hours. At press time, the value of one BTC has reached a high of $612 USD, and the price momentum is looking on the upside.
Last Week Bitcoin Remained Stable, But the Price Is Now On the Budge
As reported by Bitcoin.com’s last price analysis on August 23, bitcoin charts have been reflecting a pending price rise. On September Trio, the value of BTC moved past the $570 range into the $590s during the course of the afternoon.
Buying patterns look strong, and stronger resistance should be in the $620-30 range with possible slowdowns. Fibonacci extensions suggest a possible advance to $675 over the course of the week, as long as market manipulation and negative fundamentals steer clear of the technical trend.
Last week witnessed stronger buying and enlargened volume of trading activities across all major exchanges. There is slew of room for intra-range strategies, assuming that the price sees more volatility than last week. Trendlines last week demonstrated an upside target, but the market remained stable as $570 range sell-walls were eaten leisurely. At the current price of $612, the 4-hour chart exposes the very first set of challenges. Last week had fairly a bit of strong altcoin trading, but Bitcoin’s dominance stayed within the eighty percentile range, and trading volume stayed at a consistent $130 million daily.
In The News
The past week’s news wasn’t indeed significant enough to encourage such a spike in price. Yet, the price proceeds to stir upwards. One positive development that happened this week was Bitfinex reimbursing its very first wave of customers. This particular news may have enticed investors to execute buying strategies by creating optimism in the markets.
In other news, more privacy applications have emerged as of late. Fresh tumbling platforms such as Shufflepuff and TumbleBit have created a stir of enthusiasm in the community as privacy technologies proceed to advance.
Another noteworthy headline this week was the announcement of the Plucky Browser implementing bitcoin micropayments. The 0.11.6 release of Plucky enables users to prize websites they love frequenting, while at the same time getting rid of tracking and adware technologies. The Bitcoin community rejoiced when the beta version of Plucky Payments was ultimately unveiled, possibly adding more optimism into trading markets.
Indicators suggest that the market will proceed its uptrend. Prices in the $625-650 range seem attainable in the short-term. The long-term could see prices stir up towards $680-700 if trend lines are correct and bullish momentum keeps up.
Anticipation for previous highs may keep the buying rate on the upside and encourage stronger trading volume this week. If things begin to pull back and display definitive corrections, we can expect to see strong support in the $580 range.
Bear script: If we see a price decline, we will likely hit support levels in the $580 range. Lower floors of $560 are possible but look inconceivable as of press time.
Bull screenplay: Charts suggest a continued uptrend in the $600 ranges above the 4-hour, two hundred moving average in the coming days. Unless patterns switch, Fibonacci extension targets much higher price points than $610.
Disclaimer: Bitcoin price articles are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the Author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always reminisce that only those in possession of the private keys are in control of the money.
What do you think about Bitcoin’s price trends at the moment? Do you see the bullish rise continuing? Let us know in the comments below.
Pictures and charts courtesy of Shutterstock, Kaiko, and Zeroblock.