Technical Analysis: Bitcoin Price to Retract Before Big Rally

Confusing information could lead the bitcoin price to test its $600 support during a congestion area for another month before returning to $700. After which, the price is set to rise even further to the resistance at $820.
During the current congestion area, quotes are still in a wide trading box, and even in the next step they would test the lowest borders at $600 or $580. The price should stay in that range, zig-zagging in a lateral movement for another month, returning first to $700, then hitting another congestion area before rising 820.
Rounded bottom formation is over, and a big flag could be taking place with a large pole to $820, but first we are expecting to see some bearish trading and weak hands in panic, probably framed in bad news or political factors.

This post was published at Bitcoinist on 2016/07/19.