The price of bitcoin has been trending upwards this past week, giving a bullish sentiment to traders. The price per BTC is $584 USD at press time, and it looks as though we may see more spikes.
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Bitcoin Price Moves Away From the Bears’ Grasp
Bitcoin has seen some significant demand over the last week, moving past the downward trend that began two weeks ago. Buyers returned to the market at the end of last week’s trading sessions, running past overbought trendlines. The 100 SMA and Stochastic show resistance in the $600 range and strong support in the $575 area. If the price breaks the $600 mark, we will most likely see a sharp uptrend towards higher positions.
The entire week shows higher volumes and significant buying taking place. The weekly candlesticks show stability for the time being, and a breakout approaching soon — possibly above term resistance.
If the defined break happens, we will get into a long position above the $600 range, adding more intra-range strategies. Currently, indicators from the Fibonacci trendlines on the 24-hour chart seem to suggest an immediate upside target with significant congestion points in the