2016/10/31 8:00 AM
The bitcoin price has recently launched into an upward rally, with technical indicators showing the rise slowing down at $820 while bullish consensus builds to send it further to $1500 by 2017.
Also read: Zcash: Where Is All the Hype Coming From?
Technical Analysis: $1500 and Beyond
After bullish signs flooded the markets, the bitcoin price has shifted into an upward rally. According to technical indicators, this rally should last until we hit $820, after which a sideways market will prevail.
If this scenario gets confirmed, quotes would be able to double again to the year-end objective beyond $1800. The current Elliott Wave Theory 5th phase could be evaluated at the same size as the 1st wave that took place on 2015´s 3rd quarter.
Following the “ABC ending,” that would happen at $820, which should be thought as a lateral sideways market
Bullish consensus is still getting stronger….