Bumpy Ride: Bears Expected as Bitcoin Price Advances Long-Term
The bitcoin price has stayed at the breakout level all last week. This sideways activity has added to fundamentals and political factors that support the next up rally from $650 to $820. So, while not much has happened in the last week, don’t lose sight of the rally just yet.
Current indicators point to higher levels, but prices have remained at the breakout level. While this stability has gone on, new fundamentals and political factors have built up, likely promoting the next rally. If this proves to be the case, the bitcoin price is expected to rise to $650, then to $820.
In the projected first phase, bullish consensus allows a sustained movement that will probably ignore every intermediate resistance from the current quotes to $820, where the next lateral sideways market technical objective is calculated.
This post was published at Bitcoinist on 2016/09/19.