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

Long-Term Analysis

Bitcoin Price Technical Analysis

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

Mid-Term Analysis

Bitcoin Price Technical Analysis

Bullish consensus is still getting stronger….



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