I would agree with this => The price is currently showing a lot of positive signs, and people may now look to buy BTC.
But the price still needs to rise more than that to stay in a safe zone
Topic: [2016-04-09] Bitcoin Price Weekly Analysis –BTC/USD Surges To Test Resistance (Read 268 times)
September 04, 2016, 10:53:40 AM
September 04, 2016, 03:39:31 AM
Bitcoin price after trading in a range for quite some time against the US Dollar found buyers and started to move higher. There was a nice upside thrust, which took the price towards the $600 level. The buyers even managed to break the stated level to set a new high of $610. However, the upside was stalled near a major resistance zone, which may play a crucial role moving ahead.
At $610, there is a connecting resistance trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD. And, the 1.618 extension of the last drop from the $592 high to $561 low is also around it. So, there is a major technical resistance formed near $610. This is the reason why, the BTC bulls were seen struggling near the stated resistance level.
http://www.newsbtc.com/2016/09/04/bitcoin-price-weekly-analysis-btcusd-surges-test-resistance/
At $610, there is a connecting resistance trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD. And, the 1.618 extension of the last drop from the $592 high to $561 low is also around it. So, there is a major technical resistance formed near $610. This is the reason why, the BTC bulls were seen struggling near the stated resistance level.
http://www.newsbtc.com/2016/09/04/bitcoin-price-weekly-analysis-btcusd-surges-test-resistance/
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