The bitcoin price’s new upward path is set to consolidate to even higher price levels beyond $600, according to technical indicators.
Also read: Apple Removes ShapeShift From App Store
Prices are quoting in a new scenario pointing to higher levels. Bullish consensus allows a sustained movement that can probably ignore every intermediate resistance from the current quotes up to $820, where the technical objective is calculated.
There is not any pattern or well-known formation to mention, but only the forecasting of mixing theories and a lot of lateral thinking. Based on old references in the present chart, the the next stage may drive the action to a lateral market around $1000.
Mathematical indicators and prices are approaching differences in an upward path to $820. Furthermore, every oscillator currently reflects buy signals. Mixing together every technical factor, the idea of a rise takes hold without intermediate resistances to consider.
Current support levels still sit at $580-$600. Prices over that resistance will allow a professional buying zone below $650, with profit-taking near the technical goals.
Every indicator suggests continued bullish activity in the short-run. The bitcoin price currently faces several weak pockets of resistance that shouldn’t stop the climb. and may also became
Weak hands will take profit all the way up, but Japanese candlestick analysis shows a market strong enough to continue pushing bitcoin beyond $820 through any selling activity.
Staff opinion: We expect the bitcoin price to stay in the low $600s for some time before continuing its rise. This is due to profit taking occurring at the $600 level, which may even push the price back into the $500s, delaying the technical patterns.
What do you think will happen to the bitcoin price? Will it really reach $820 and beyond? Let us know in the comments below.
Cover image courtesy of Bitcoinist.net.