2016/10/10 7:16 AM
The bitcoin price is approaching a trigger zone at $620 while bullish consensus gets stronger, suggesting that a big rally remains a real possibility in the near future.
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Bitcoin Price Technical Analysis
Prices recognized a strong support area at $600, and while bullish consensus gets stronger on the idea of higher quotes, the action is going back to the old trend line channel started in 2013. This movement reinforces all technical objectives over $820 for the end of 2016.
Volume indicators reflect a professional marketplace activity, suggesting that the next stage could be a breakaway psychological trigger among $620 and $650.
Mathematical indicators show several bullish signs, but prices aren’t reacting normally, hinting at some handling activity powered by bigger business players.
This situation could only drive the…