2016/10/03 8:07 AM
Bitcoin remains at the same price level from last week, reinforcing the $600 support area for the entire new cycle. Meanwhile, technical analysis indicates that bullish consensus is getting stronger, increasing the likelihood of a rally from $650 to $820.
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Bitcoin Price Technical Analysis
5th Elliott Wave forecasting, based on Fibonacci numbers, could be calculated to the technical objective around the $820 area, where several theories point to the delayed next stage.
From there, a technical correction should send prices back to $700, giving stragglers a second chance to recalculate their strategies to join. After another lateral market like the current one, the next upward movement will go far beyond the $1200 zone for the end of 2016.
Price volatility will increase and quotes could get back to their current…