2016/08/11 6:09 PM
The bitcoin price is beginning a reversal pattern to the $700 level, where a congestion area should reinforce quotes for another climb to $820.
Also read: Coinbase AMA: ‘ETC Was Replay Attacked on Coinbase’
Bitcoin Price Analysis: Get Ready for the Bull Run
Now at the $580 support level, prices are starting to form an upward reversal pattern, which will allow pull back to $700, extended to Fibonacci’s technical objective at $820.
The current trading box we are considering was built according to the ended rounded bottom first pattern with the 38 percent and 62 percent Fibonacci retracement theory – it seems to be working so far. The next stage could be an upward rally into the new technical cycle.
Now, after a plunge to the support at $580-$600, a new bullish consensus is expected to provide the concurrent elements that ensure a change in the current trend. Main support took…