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The past weekend was quite eventful for bitcoin as BTC/USD has finally broken above 600 levels, after trading flat for past several days.
The pair is currently trading at 604 levels at the time of writing (Bitstamp).
Long-term trend: Bullish
Short-term trend: Bullish
Ichimoku analysis of daily chart:
Tenkan Sen: 586.93
Kijun Sen: 580.67
Trend reversal: 588.54 (90 EMA)
On the upside, major resistance is seen at 620.81 (100-day MA) and a break above would target 653.69 (78.6% retracement of 704.99 and 465.28)/ 705 (July 3 high).
On the downside, support is seen at 588.54 (90 EMA) and any weakness below this level would drag the pair to 550/ 526.53 (200-day MA).
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FxWirePro: BTC/USD breaks above 600, good to buy on dips
Monday, September 5, 2016 6:57 AM UTC
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