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Author Topic: Bitcoin Price Update for September 6, 2016  (Read 371 times)
S3052
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September 06, 2016, 03:36:21 PM
 #1

Bitcoin Price Update for September 6, 2016 

Market Commentary (BTC): 

And, we're back!  After some long overdue and much needed time off, we return with renewed invigoration and conviction regarding our recent forecasts.  Despite a continuation of the absence of fundamental catalysts, the technicals proved to be enough to spark a breakout from the previous 565 - 585 $ trading range as expected.  Now with price sitting just above 600 $ but just below the still intact symmetrical triangle, we stand at a critical juncture with regard to where we might be headed over the course of the next few weeks.  So, without further ado, let's take a look at the daily chart below for a classic medium term view of the current state of the market.

We can see that indeed price is now near the upper bound of the triangle consolidation that the market has been stuck in for almost three months, which means that multiple resistance areas exist right overhead in the form of the pivot area and the downtrend line.  Also notice that SCMR is still painting some dynamic resistance around the key 630 $ level, although we finally have new support at 565 $ along with green candles and a myriad of reversal signals.  Additionally, we have some decent market structure to work with following a small Adam & Eve double bottom in the 560's $, and we continue to watch a still intact Elliot Wave ABC correction.

Moving on to momentum and volume we can see that Willy and RSI are now firmly in uptrends despite rapidly approaching overbought territory, MACD is picking up some steam above the zeroline, and PPO is now neutral but trending higher.  Not only that, but the near term EMA's have crossed over bullishly and the 200-day SMA has held as support while continuing to press higher, signaling we are still in a bull market.  Finally, volume is not as bullish as the other indications considering that there remain multiple large volume profile notches both above and below that market that could use some work, not to mention exchange volumes remain anemic, however the A/D line continues to indicate that buyers are still outpacing sellers even at these levels.

From a longer term perspective bitcoin remains in a wide consolidation range between 450 - 700 $ as players continue to position for the next substantial move.  While our call for a rally up to resistance going into this week was the right one, we also realize that there could be some minor downside from here if we stick to our roadmap from last week.  One final downside washout back to support at the bottom of the triangle between 550 - 570 $ would allow us to jump back in once again for what we think will be at least a test of 630 $.  This would also recharge the momentum oscillators which would greatly increase the chances of moving above 630 $ once we are able to get there.  At this point, there just might not be enough left in the bulls' tanks to push through such heavy resistance on the first try.

To sum up, we are staying generally bullish but near term cautious.  Dips can continue to be bought, and now that we have confirmation of upside bias we can put a little more juice in these trades than we have been for the past several weeks.  Things should be getting exciting again soon in Bitcoinland (at long last!).


GLGT!

https://www.bullbearanalytics.com/

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September 06, 2016, 04:44:06 PM
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how much you think we can remain below previous top level, and before the next big pump begin, is this year asking too much, or it can really happen?
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September 06, 2016, 05:43:48 PM
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To be honest, i get bored of reading that big articles  Roll Eyes (lol) So can someone explain that in plain words that what that article actually means or what the man is trying to say?
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September 06, 2016, 06:15:22 PM
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for today, i see the rate is down than yesterday because yesterday i see that the rate is $615 and now is $613 but i hope it will be up. i am not sure until how much the rate will up but i hope its above in $620  Grin

if the chart is really go up like i see the line on poloniex, i like to see when its really go up. but who knows it will go up or even it will go down. everything can happen and the rate is up and down.

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September 06, 2016, 06:42:11 PM
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Actually market is having high sell pressure right now resisting the rise, it may require few more days to surpass those sell walls before we again see 650+ price.

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September 06, 2016, 07:02:45 PM
 #6

Thank you PO for the nice technical analysis..
Seems about right given the chart attached...

However, I'm more concerned with the fundamental analysis in the case of BTC ( long term )

Doesn't the "boom and bust" market theory apply to BTC as well ( in a limited manner probably since it's not widely in circulation and interest rates or credit have little implications here)

or is it entirely in a different market category by itself?
 
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September 06, 2016, 08:28:16 PM
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how much you think we can remain below previous top level, and before the next big pump begin, is this year asking too much, or it can really happen?
to me this time the price of bitcoin is not even going to stop at its previous rate in which it was trading before the bitfinex issue, this  time it is going to cross the 800$ in month of September.
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September 08, 2016, 10:30:50 AM
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i believe bitcoin came to stable price , fluctuation is less now , probably if people investing more on bitcoin it may go up to $700 in the month of December , now in September it is not promising , we need to wait and watch.

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September 08, 2016, 11:31:45 AM
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i believe bitcoin came to stable price , fluctuation is less now , probably if people investing more on bitcoin it may go up to $700 in the month of December , now in September it is not promising , we need to wait and watch.

The price of bitcoin is increase right now and yeah, bitcoins price can go up to $700 in the end of this year 2016. I don't know what happen to bitcoins price, but it keep raising.
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September 08, 2016, 12:47:43 PM
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i believe bitcoin came to stable price , fluctuation is less now , probably if people investing more on bitcoin it may go up to $700 in the month of December , now in September it is not promising , we need to wait and watch.

The price of bitcoin is increase right now and yeah, bitcoins price can go up to $700 in the end of this year 2016. I don't know what happen to bitcoins price, but it keep raising.

wow its out of my prediction that bitcoin rate is over than $630. it should many people makes big money in this increasing rate. i hope it will go up more.

if i look on the chart, i think the rate will be up in somewhere of $640 but under in $650, maybe, because the line is still up. let us hope it will increase more.

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