Bitcoin Price Weekly Analysis –BTC/USD To Break $600?

Key Points

  • Bitcoin price enjoyed a decent upside ride against the US Dollar, and it looks poised for more gains.
  • There is a bullish trend line formed on the daily chart (data feed from Bitstamp) of BTC/USD, which is acting as a catalyst for the upside move.
  • If the current technical indicators are correct, there is a chance of BTC/USD breaking $600.

Bitcoin price is gaining momentum as the daily chart of BTC/USD looks positive. Can BTC retain strength to break the $600 handle?

Bitcoin Price Eyeing Gains

Bitcoin price grinded higher this past week vs the US Dollar and gained a lot of strength. The last 10 daily candles are impressive and suggesting that the BTC bulls are in control. The price broke an important resistance area near $550, which may now act as a support area if BTC/USD moves down from the current or higher levels. As mentioned, there is a bullish trend line formed on the daily chart (data feed from Bitstamp) of BTC/USD, which acted as a reason for the upside surge.

Now let us look at how far the price can move? I think there are high chances of the price breaking the all-important $600 level. If we Read more ... source: TheBitcoinNews

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