Bitcoin Price Technical Analysis for 06/06/2016 – Ready to Break Past $600?

Bitcoin Price Key Highlights

  • Bitcoin price staged such a strong rally on Friday that it’s ready to attempt a break past the latest highs at $600.
  • If this area holds as resistance, bitcoin price could retreat towards support at $550.
  • On the other hand, a move past $600 could put it on track to test the record highs at $1,200.

Bitcoin price is gearing up for a strong break of the $600 level, determining if longer-term gains are in the cards.

Technical Indicators Signals

The 100 SMA is still above the 200 SMA somewhat after nearly making a downward crossover late last week. This signals that buyers are putting up a strong fight and are willing to push bitcoin price much higher.

A bit of a consolidation can be seen at this point but it looks like buying pressure is in play. In that case, a long green candle closing above $600 could lead to a rally to the next major resistance around $700. On the other hand, reversal candlesticks around $600 could inspire profit-taking once more.

Near-term support is located at the moving averages near $560 and a bounce off this area could create a short-term ascending triangle formation. Stochastic is on the move up, confirming that

Read more ... source: TheBitcoinNews