Bitcoin Price Report for August 10, 2016
Aug 10, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): The market continues to settle into this 580 - 600 $ range as positioning for the next breakout move intensifies. Given that Bitfinex will reopen operations within the next 48 hours, we are expecting volatility to pick up at least a little bit which very well could drive us out of this trading zone.
Moving on to the technicals, we can see on the daily chart below that price is rolling over right around a historical resistance line, the bottom of the pivot area, and at the 9 EMA. Additionally, there is a volume profile notch just overhead and market structure is coming in bearish, while trading volumes continue to confirm the move to the downside last week. Finally, notice that SCMR is painting red candles again while also showing multiple reversal cancellations over the past few days. This is not a great sign for the bulls, but is also not a death knell.
Despite these bearish indications, it is not all bad news for the bulls at this time. Notice that Willy is now testing the centerline while in a slight uptrend, RSI remains pinned in the lower half which means that there is room to run to the upside, and PPO is still painting bright green bars (a bullish signal). Also, MACD is still showing a substantial bullish divergence from the washout last week and...
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