2016/08/01 5:15 AM
Bitcoin is falling down to end its current cycle, which will happen when prices drop to the technical reversal level.
Also read: Industry Report: No Bitcoin Crime Goes Unpunished
Where Did the Weekend’s Bitcoin Price Drop Come From?
Prices have started the dive to $600 and $580 after a large lateral sideways lateral movement that ended the first technical cycle. To start a new cycle, quotes must reach former broken resistances, which become supports. Once this occurs, strong purchases are expected, framed in the marketplace of biggest players.
Looking back in the chart, another two flags can be analyzed, which have broken to the bear side. This time, the Contrary Opinion Theory could be considered to allow a pull back to $700, extended to Fibonacci´s technical objective at $820
Mid -Term Analysis
According to oversold mathematical indicators, a plunge to the support at $600 has started, where a new…