2016/08/15 5:00 AM
Don’t be alarmed by the current slump in the bitcoin price. In fact, there is still cause for optimism. The market is going through a reversal pattern to the $700 level, where a congestion area should reinforce quotes for another climb to $820, keeping us right on track to hit the projections advanced last week.
Also read: Chinese Court Awards Damages Against OKCoin, Says It Operates Illegally
Bitcoin Price Analysis: Bulls Still in Control
After testing the lowest support at the $580-$600 level, prices should enter an upward reversal pattern soon, which will allow an initial pull back to $700, extended to Fibonacci´s technical objective at $820.
The next stage could be an upward rally into the new technical cycle, which may be delayed until big players accomplish their marketplace. An ascending support ensures the breakout into a new bull cycle.
Now, while quotes are testing the support…