Technical Analysis: Bitcoin Price to Hit $1500 By Year-End?
The bitcoin price has recently launched into an upward rally, with technical indicators showing the rise slowing down at $820 while bullish consensus builds to send it further to $1500 by 2017.
Also read: Zcash: Where Is All the Hype Coming From?
Technical Analysis: $1500 and Beyond
After bullish signs flooded the markets, the bitcoin price has shifted into an upward rally. According to technical indicators, this rally should last until we hit $820, after which a sideways market will prevail.
If this scenario gets confirmed, quotes would be able to double again to the year-end objective beyond $1800. The current Elliott Wave Theory 5th phase could be evaluated at the same size as the 1st wave that took place on 2015´s 3rd quarter.
Following the “ABC ending,” that would happen at $820, which should be thought as a lateral sideways market
Bullish consensus is still getting stronger. According to indicators, the technical objective is a lateral sideways market near $820.
If confirmed, that scenario be seen as another bullish sign, allowing the chance for another climb into an euphoric bubble, more than doubling the price to $1500 and beyond.
Prices have entered a synchronization process, recovering their lag against technical indicators. A full synchronization in the short-term shows a continued rise to $820.
Japanese Candlesticks Analysis reflects the chance of another upward movement after the arriving to the technical lateral market at $820. However, the time extension of that lateral movement would determine the next bubble´s size.
Staff opinion: We believe the bitcoin price will stay near $700 for a while, acting as a psychological resistance to further increases. After being tested by profit-taking, the bulls will likely attempt to push beyond $700, triggering a rally that confirms the present technical analysis. The timeline for this prediction is uncertain, we believe that it may or may not happen by the end of 2016
What do you think will happen to the bitcoin price? Let us know in the comments below.
Cover image courtesy of Pixabay.