Technical Analysis: Light at End of Tunnel for Bitcoin Price

The bitcoin price has accomplished its first technical cycle, and a congestion area could institute a trading box for the next 3 months, depending on fundamentals, political factors and news before a new rise to the annual objective near $1800 USD.
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Prices had arrived to their long term technical objective, ending the cycle.
Now, a trading box could take place in the chart before starting the next long-term technical cycle, which has its long term resistance at $1800.
According to indicators, the support of a wide congestion area would be at $600, and the first resistance at the old Fibonacci 62 percent level near $820 without any intermediate level at the present, but the trading activity should generate new buying zones below $650 and distribution areas over $780.
A second large figure of a smooth rounded bottom was also perfectly accomplished, and the next Elliott Wave could have to wait for its fresh start until the present trading box phase gives some compensation, and players can figure the next scenario taking in account fundamentals, political factors and news before a new rise to the annual objective near $1800.

This post was published at Bitcoinist on 2016/06/28.