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Author Topic: Bitcoin Price Update for September 8, 2016  (Read 348 times)
S3052
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September 08, 2016, 04:14:36 PM
 #1

Bitcoin Price Update for September 8, 2016 

Market Commentary (BTC): 

Another leg of the rally has taken price into the 620 - 630 $ resistance range at the top of the current symmetrical triangle formation.  This indeed confirms our upside bias but also reinforces the idea that the market needs at least a quick breather before making moves up into the mid to high 600's $.  The bulls have been fairly strong so far, which means we are not looking for a big move to the downside in the immediate future, but we still think that a test of the 580 - 600 $ region would be healthy and regenerative for a market that is currently stretched from a technical perspective.

Moving on to said technicals, we can see on the 12-hour chart below that price is now butting up against some serious resistance in the form of the descending triangle trendline, the 200- period SMA, heavy SCMR dynamic resistance, and a large volume profile notch.  Also notice that momentum is now highly overbought on this timeframe as well (in addition to the 6-hour chart we showed yesterday) with Willy and RSI officially there, while MACD struggles to find any juice above the zeroline.  All of these indication are concerning from a nearer term perspective, however it's not all bad news for the bulls over a slightly longer timeframe.

First of all, the A/D line remains in a slow and steady uptrend, a sign that some serious accumulation is and has been going on for quite some time below 700 $.  Additionally, SCMR is painting bright green candles meaning price action still favors the bulls, and pattern-wise it looks even more likely that the Elliot Wave ABC correction has played out which would mean that the lows are in for this mini-consolidation cycle.  Finally, volume seems to be confirming upside bias as well considering yesterday we saw an encouraging small volume breakout on total exchange volume.  This tells us that global interest in the bitcoin market is reemerging following what has been a historically slow summer for price action.

It should be clear that we remain medium to long term bullish on bitcoin with the expectation of a breakout to the upside above 700 $ by the end of this year at the latest.  Despite the need for a pullback over the near term in order to recharge the oscillators and put in a cleaner double bottom, we would be unequivocal buyers of that dip in order to pad our MT ProTrade position off of the 480 $ level which we are still holding.  We think this is the beginning of another exciting period for the still dominant cryptocurrency, although a bit more patience is required before getting too bulled up just yet.

GLGT!

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

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CryptoBjorn
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October 11, 2016, 02:31:05 PM
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Not sure on what the price was going to be but it is to hard to be able to predict the future price of the Bitcoin that is why you can see it a bit as a gamble.
The only think that i want to happen is for Bitcoin to reach $1000 and that is it.
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October 12, 2016, 08:27:47 AM
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Not sure on what the price was going to be but it is to hard to be able to predict the future price of the Bitcoin that is why you can see it a bit as a gamble.
The only think that i want to happen is for Bitcoin to reach $1000 and that is it.
Hope that the Bitcoin can rise pretty soon again because I am waiting for the time to trade in some of my Bitcoin again. Not sure if the price is still going to rise much this year because it does not seem like it at all.
If not then I will have to wait for 2017 and see if the price is going to rise then.
S3052
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October 19, 2016, 08:24:50 PM
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Not sure on what the price was going to be but it is to hard to be able to predict the future price of the Bitcoin that is why you can see it a bit as a gamble.
The only think that i want to happen is for Bitcoin to reach $1000 and that is it.
Hope that the Bitcoin can rise pretty soon again because I am waiting for the time to trade in some of my Bitcoin again. Not sure if the price is still going to rise much this year because it does not seem like it at all.
If not then I will have to wait for 2017 and see if the price is going to rise then.

There is a very good probability indeed that bitcoin prices can rally in the winter of 2016/2017

raja2sumi
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December 31, 2016, 06:38:05 AM
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Now the price of bitcoins have gone high a lot . And  u might have seen that the price of bitcoins have gone to 950 dollars now .and i think it is predicted that the price of bitcoins would go upto 2000 dollars by the end of 2017 .

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S3052
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December 31, 2016, 10:50:58 AM
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Now the price of bitcoins have gone high a lot . And  u might have seen that the price of bitcoins have gone to 950 dollars now .and i think it is predicted that the price of bitcoins would go upto 2000 dollars by the end of 2017 .

we will watch this 24/7 in our forecast. Be aware that predictions are likely going to change depending on the developments. We have to be agile at any time

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