Bitcoin Price Prediction for June 24, 2016
Jun 24, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): All aboard!!! Within a matter of 24 hours traders went from jumping for life boats to desperately trying to hop back on the luxury liner. The main catalyst for the overnight rally was the successful Brexit vote in the UK, which was highly unexpected and apparently not all that well prepared for.
Global forex and equity markets are getting slammed lower, gold and sovereign bonds are ripping higher, industrial commodities are underperforming, and cryptocurrency (bitcoin) is catching and keeping a bid. While we would not be surprised to see a pullback over the weekend as the market continues to digest the implications of the referendum outcome, we think there is a pretty good likelihood that the 555 $ bear trap low is all we'll get before another run at the highs.
Let's take a look at the 4-hour chart below for more detail on the short to medium term forecast. We can see that the market did indeed put in a local bottom at the 555 $ level, which was right in the middle demand area on either side of the 200 SMA. Then following a tweezer bottom the market began to press to the upside as the tides turned in the UK vote, and when the near term EMA's and MT uptrend line were broken higher we saw even more FOMO kick in...
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