2016/10/24 9:01 AM
The prevailing bitcoin price resistance was overcome by a little flag pattern this past week, which ultimately launched prices up to recover a technical objective at $820.
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Bitcoin Price Technical Analysis
After prices overcome the psychological trigger zone area among $620 and $650, the current phase points to a technical goal near $820.
According to Elliott Wave Theory, the current movement should reach a higher scenario through the 5th phase, from where profit taking would be considered. The old trendline, started in 2013, could be very useful at this stage because quotes still recognize its reference, reflecting that pioneer bitcoin holders could be back in the action with a big hedging marketplace.
According to indicators, prices could climb to the next congestion area at the $800 level. From there, a big bout of…