2016/08/22 5:00 AM

The most recent balance between bid and ask prices is over, setting the bitcoin price on an upward path to $820, where another congestion area may be observed.

Also read: India Plans to Enforce Internet Censorship with 3 Years Jail Time

Technical Analysis: Bitcoin Price Still Looking Upwards

Long-Term Analysis

bitcoin price technical analysis

Aside from the market determined by the biggest traders, which can be seen through volume indicators during the previous two sideways lateral movements, natural demand supremacy allows prices to leave the $580-$600 support area.

Now, the new technical objective is the $820 level without intermediate resistances, in a bull pattern that could be a fast rally to place the quotes into a new formation that would drive the action even higher.

Mid-Term Analysis

bitcoin price technical analysis

Mathematical indicators suggest that buying activity and prices are going up across the Fibonacci fan lines that every trader is considering right now to place their…



Source link