Bitcoin Price Prediction for June 20, 2016

Market Commentary (BTC): 

The bitcoin markets are under some pressure this morning as traders take profits on long positions on speculation that the Brexit campaign will not win the vote this Wednesday.  This is also causing a bit of a rally in global stock indices, however we question the sustainability and longevity of the moves in all of these markets.  That said, the bitcoin price is actually hold up fairly well given a weak near term technical picture and some growing uncertainty surrounding the halving and Brexit.  

Yet another bearish candle probed down into support last night before getting rejected once again near what was our short term ProTrade buy zone between 715 and 720 $ (the local low was 721 $).  We can see on the 4-hour chart below that SCMR painted a red candle once the near term uptrend line was breached, however it is already painting a potential bullish reversal candle now just a few hours later...

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