BTC-USD Reaches $560 Target, Now Looking Up

placeholder-chart-price-going-UPAfter reaching our target of $560, BTC-USD managed to post a fresh low at $554.90 and has since bounced higher. The current price on the Bitstamp exchange is $573.23, slightly up on today’s open. The outlook remains quite balanced, slightly leaning toward the upside.

The chart below illustrates the 4-hour price action for BTC-USD. The immediate trend is sideways suggesting bulls and bears are matched at present. The price of bitcoin is currently below the Ichimoku cloud which is providing a resistance zone around $570-$580. A break above the cloud will necessitate a bullish outlook. This is displayed on the chart below with the yellow ray just above $580. Buy limit orders could be placed here to take advantage of a bullish breakout. Given the market manages to move above the cloud, $600 would come into sight again.

Momentum is leaning more to the upside than the downside. This is indicated by the conversion line (blue) which has recently moved above the base line (red). The conversion line should provide support going forward, currently at $571.94. A close below the conversion line will point to possible downside moves. Furthermore, the Awesome Oscillator is trending

Read more ... source: TheBitcoinNews