Bitcoin Price Report for August 15, 2016
Market Commentary (BTC):
Indeed we got a rather uneventful weekend, as expected, despite a pullback to the bottom of the still intact trading range between 550 - 600 $. Following a local low of 556.24 $ yesterday, price has since been slowly recovering back into the 570 $ area. Seeing as though we are currently in the heart of the summer trading doldrums we are not expecting much movement this week either, although if the 550 - 600 $ range does get broken somehow then stronger support still lies at 520 $ and resistance at 630 $.
With that in mind, let's take a look at the 6-hour chart for a snapshot of the short to medium term technicals. First of all, notice that the ascending wedge we pointed out last week was indeed a bearish signal as price is now well below those levels. Also notice that we are still in the light blue pivot zone despite a quick washout below it on Sunday, and we remain in a volume profile mini-PoC region with a notch around 580 $ that needs to be filled in prior to a move out of this range.
Additionally, SCMR is still painting red candles with new minor dynamic resistance building around 575 $, and market structure remains bearish despite the semblance of stability coming back into the market now. Finally, the 9/18 EMA cross remains ...
Chart here:
https://www.bullbearanalytics.com/free-reports/bitcoin-price-report-for-august-15-2016
