BTC-USD Rejects $600, Looking to Test $560

BullandBearFightAs Bitfinex moved on from the recent hack and resumed trading yesterday, buyers tried pushing BTC-USD above $600 in anticipation of the exchange coming back online. But sellers managed to control the upsurge, bringing yesterday’s close down to $590.27 on the Bitstamp exchange. This suggests that buyers are exhausted and rejected the fractal resistance at $598.81. Also, Bitfinex has recently offered a $3.6 million bounty in an attempt to find the stolen bitcoin. The company has also bounced back with some interest in their ‘BFX tokens’; the first such debt-based cryptocurrency that is polarizing opinion.

Only a daily close above the fractal resistance at $598.81 will the invalidate our outlook that BTC-USD still remains exposed to the downside. The daily price action on the Bitstamp exchange is shown below. The chart below indicates that equilibrium will be found around the base (red) line, currently at $574.73. The market will now look to test this support level. If there is a daily close below $574.73 today, then we should see bearish momentum intensify.  

The conversion line is starting to trend upwards but in consideration of all other Ichimoku indicators, the risks remain more weighted

Read more ... source: TheBitcoinNews