Technical Analysis: Bitcoin Price to Hit $820 Soon?

If you thought the ride to $640 was exciting, you might be in for a treat. The little flag pattern currently surfacing on bitcoin price charts could launch prices up from a trigger zone that points $820 as a technical goal.
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After prices recognized a strong support area at $600, volume indicators reflected professional marketplace activity, suggesting that the next stage could be a breakaway psychological trigger among $620 and $650, pointing a technical goal near 820.
According to Elliott Wave Theory, the current movement should reach a higher scenario through the 5th phase, from where a profit taking would be considered.

This post was published at Bitcoinist on 2016/10/17.