2016/07/19 5:00 AM

Confusing information could lead the bitcoin price to test its $600 support during a congestion area for another month before returning to $700. After which, the price is set to rise even further to the resistance at $820.

 Also read: Industry Report: India’s Druggies Turning to Bitcoin

Bitcoin Price Technical Analysis

Long-Term Analysis

bitcoin price

During the current congestion area, quotes are still in a wide trading box, and even in the next step they would test the lowest borders at $600 or $580. The price should stay in that range, zig-zagging in a lateral movement for another month, returning first to $700, then hitting another congestion area before rising 820.

Rounded bottom formation is over, and a big flag could be taking place with a large pole to $820, but first we are expecting to see some bearish trading and weak hands in panic, probably framed in bad news or political factors.

Mid-Term Analysis

bitcoin price

Successive rising…

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