Bitcoin Price Prediction for June 29, 2016
Jun 29, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): As expected, downward price pressure has remained firm over the past 24 hours. We think this is due primarily to technical factors which will be discussed below, but the gist of it is that we are still in a range-bound consolidation period between 550 - 700 $ with new support and resistance developing between 615 - 685 $.
As per our VST ProTrade, we think the market will remain heavy with spikes down into our buy zone before the bulls can take another shot above 660 $. No surprise that we are staying neutral in this environment, however our medium to long term forecast not has changed at all this week.
Moving on to said technicals we can see on the 12-hour chart below that market structure remains bearish for the time being as rounded tops have become the short term norm. Also notice that the broken uptrend line attempted to be retaken by the bulls, but failed in earnest before price was forced to come back down into the blue pivot area...
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