Published On: Mon, Jul 25th, 2016

Technical Analysis: Bears Taking Hold of Bitcoin Price

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The bitcoin price is ready to fall. After a large sideways lateral market, prices are about to dive to $600, where a new cycle is expected to start, ultimately resulting with a rebound to $820.
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Bitcoin Price Heading South, Preparing for Rebound Into New Bull Pattern
Long-Term Analysis

Prices are still moving in a lateral pattern, sustaining the $680 level that is persisting at press time. This situation is about to end, though, with a bear movement that should test the support in the $600 zone.
The main pattern that has recovered this level, which was originally lost in 2014, is over. Another cycle is starting, and the bitcoin price has to dive to the support as confusing news and political factors promote the selloff — working as an accumulation opportunity for big players.
Mid -Term Analysis

According to mathematical indicators, the next stage could be a plunge to the support at $600, where a new bullish consensus will emerge and provide concurrent elements ensuring a change in prevailing bitcoin price trends.
Main support is really at $580, but round numbers theory indicates that most people will react psychologically at $600, starting a new bull cycle to $820 …

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