Bitcoin Forum

Bitcoin Price Update for September 26, 2016 

Market Commentary (BTC): 

Bitcoin is back in the 600 - 610 $ range following a short stint in the 590's $ last week.  Despite what looked like favorable conditions for a downside continuation into our longer term ProTrade buy zones, this outcome never materialized as bulls moved in quicker than expected.  Now we are back to playing the waiting game with the market given the near term forecast remains rather uncertain, although we think we are still well positioned currently regardless of where the market heads over the course of this week.  We will stay long in the VST long trade, and will stay ready to catch more substantial dips if they materialize.

Despite the fact that it looks like we may be in store for a bit more choppy consolidation, we do think the market is getting ready to make a move in the not too distant future.  Looking at the 12-hour chart below we can see that price remains within the symmetrical triangle that has been active since June, and we are now back above the pivot zone which provided support last week.  Also notice that SCMR has painted a confirmed upside reversal after a cancellation printed over the weekend, and we are finally getting bright green candles once again.  We also have active OTE long and short zones both above and below the market, as well as triangle trendline support and resistance that is closing in on price.

Conversely, the momentum oscillators remain rather unimpressive considering Willy and RSI are still chopping around in no man's land while MACD attempts an anemic push over the zeroline.  Additionally, the near term EMA's are still flat, the 200-period SMA is bearish and pushing lower, PPO is no longer showing buy signals, and market structure remains mixed.  Regarding volume things are looking a bit better given total exchange volumes are showing a small buyers breakout overnight and the A/D line continues to push to the upside, although volume profile still looks unattractive seeing as though there remains a large notch sitting just above PoC between 570 - 620 $.  The lower end of this range is still where we want to be longer term buyers, but for the time being it looks like it could be a struggle to get down there, which is why we are adjusting our VST ProTrade slightly to allow for more upside.

Generally speaking we remain longer term bulls on bitcoin, perhaps even more so now than a few weeks ago ("longer the base, higher in space"), but as has been the case over the past few months we are still in a waiting period.  We cannot rule out additional spikes into the mid to high-500's $, which is why our other ProTrade long setups remain in effect, however we realize that we may not get another shot down there prior to a breakout above 610 $ so for now we are comfortable holding the VST position above that level.

GLGT!

https://www.bullbearanalytics.com/

hope that the price of bitcoin will really increase to much, because the price of bitcoin remain stable for a long time in such position, and not it is expecting that it will increase too much and may cross 1000$ in the end of 2016.

I think any move will be limited if we can not solve the limited number of transaction per second issue... I really hope one of the great solutions presented will be accepted and implemented soon...

The consensus is that there is a problem, but there is no consensus on how to solve it.
Let us hope the solution adopted is a long-term one and this issue does not crop up again in the future.

The price is a few months at 600 USD so obviously something is going to happen. It's going to drop or go up. My personal opinion is that it will rise.

I think we could see a move up but it seems to be slow right now. It can't seem to break through about $618. I'm not sure why there is resistance at that value, but I would guess that it will break through soon.

This problem has definitely kept the price calm and quiet, good time to accumulate if you speculate the next move is up.

i think this week the rate is going to get down in somewhere of $609-$611 because when i see the rate of bitcoin in last night, the price is slowly gets down, but there is small increase movements for now and i hope my prediction is wrong.

yes we are expecting it for last few months, and hope that this time it is not going to stay at 800 USD or 900 USD, i am hopeful that this time the price of bitcoin is going to cross the all time high price at the end of 2016 or just in start of 2017.

Bitcoin is now stable to $600 now want to see next move $800.hope this year price will be cross $800.guys what you are thinking.I am holding my bitcoin.

It went up on no volume so it's gonna pull another barn burner rise when the volume comes.

I hope it isn't a replay of 2014, where we bounced off lows, reached $600 and then slowly went down.
Forget all time highs, we should be happy if the trend is upwards.

Bots are starting their war so definitely there's fuel coming to the game. Trading will heat during winter times. With some friends we expect another 2013. Be prepared, this time is gonna be big again. Miners are hungry too

The experienced traders predicted that after that crazy run in late 2013, a long correction would happen.And it did.The market decided to built out a bear trend with lower highs and lower lows.So the majority of the market participants went short.
Right now there is no reason, in terms of the mrket why we should see another long decline of the chart.Since Q4 2016 we are in an uptrend with healthy corrections which always gives new participants the opportunity to get in or others to accumulate even more.
Right now to me the market situation looks promising for more upwards movements and gains in the future.

With more positive news about bitcoin, I can see that the price will go up this month. But I'm still waiting for the price to go down, because I havent invested much in bitcoin today.

If you are not willing to buy 100s of bitcoin than few $ price fluctuations may not matter much and i still think price around $600 can be considered as good price to buy and gain nice profit by next year.

China keeps buying every bitcoin and also produces a lot , when the bitcoin reaches 21 million units mined ,the rich in bitcoin chinese people (investors) will speculate with this on selling and the price might go up to 1000$ or more for 1 BTC.

http://fiatleak.com/  :o

China is assimilating everything  ;D more than the Borgs  :D
China is a merchant country since thousands of years ago  ;D they are good on selling anything, anywhere ,anytime even dump the steel on international markets and lower its price.

I'm hungry for significant price increases too, we've been stuck in the current price range for too long.

Yes, it is clearly visible that the btc market is preparing to make a move. The price is keeping strong, be it in a slow pace today. Though the market will soon start to run, I personally think when 620 resistance is solidly cleared.

This is by the way also discussed and analyzed in the following topic:

https://bitcointalk.org/index.php?topic=1629813.0

You missed your chance already. Bitcoin was stable at ~$600 for a long time. It was apparent that market is consolidating to start advancing again.

IF you didn't buy any coins then you won't probably do it now. Unless we will see some random negative events(major exchange hack, new harsh anti-bitcoin law etc.) I expect bitcoin price to stay above $600.

this to me mean that selelrs, simply removed their walls, and the demand was the same, so they let it increase on purpose, not a real sign of a pump that is coming, but is a beginning