Bitcoin builds bullish wave – Technical Analysis – 12-08-2016

Bitcoin price rallied upwards strongly to surpass our waited target at 657.70 and builds support base above it, which hints the extension of the bullish wave on the short term and medium term basis, opening the way to head towards 777.00 in the coming period.

The exponential moving averages 50 and 100 keeps providing the positive support to the price, noting that touching the bullish channel’s resistance that its signs appear on chart might force the price for some temporary negative trading before turning back to continue the main bullish trend.