Bitcoin Forum

Bitcoin BullBear Price Update for August 8, 2016 

Market Commentary (BTC): 

Indeed the weekend brought some subdued price action with a bullish bias up to the 600 $ resistance region as expected.  Now as we enter the new week, price is staying pinned to the 590 $ level which is a sign that there are not as many sellers in this area as previously expected.  Despite the possibility that the bulls continue to push price to the upside through 600 $, we do not think there is enough juice technically speaking to get through heavier resistance around 630 $.  Having said that, we remain buyers around 520 $ and sellers around 630 $ for the time being.

Back to the trusty 12-hour chart today for a look at the short to medium term technicals.  First, we can see that price has popped back above the 200-period SMA and 18 EMA, but is now running into resistance in the form of the 9 EMA as well as the top of the pivot zone.  Also notice that we are entering a fairly large volume profile notch as SCMR continues to paint neutral candles, so we may be stalled around these levels for some time.

Moving on to momentum we can see that Willy has broken above the centerline but looks somewhat toppy near term, RSI remains below 50 and is flatlining, and MACD is still unconvincing for either bulls or bears.  Additionally, the CM Vix remains bullish considering we have a clear volatility bottom on the 465 $ spike low, while the A/D line continues to press to the upside indicating that there are still buyers at these relatively elevated levels.

Seeing as though the market is running into some trouble here around 600 $ while the technicals continue to repair themselves from the damage caused last week, we still think a move back to the downside is likely prior to a breakout over 630 $.  We would be buyers of that dip back into the lower half of the medium term OTE long zone, upper part of the demand area, and around the trendline. 

More generally speaking, we think the market remains in a longer term consolidation as we have been saying for months, while we maintain our forecast for an upside resolution eventually.  That said, we could be stuck in this 450 - 750 $ range for another month or two so we will continue to hunt opportunities within this wide trading range.  We think there will be plenty of them over the coming weeks, however things may move a bit slower than normal due to seasonal factors such as summer vacations and "back to school".

GLGT!

Chart: https://www.bullbearanalytics.com/free-reports/bitcoin-price-report-for-august-8-2016

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