Bitcoin Price Report for August 12, 2016
Aug 12, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): The bitcoin markets are still flatlining around the 590 $ level despite a breakdown out of the ascending wedge we showed yesterday on the 6-hour chart. While this should have catalyzed a more substantial move to the downside considering market structure remains bearish and uncertainty is still present, this failed to materialize due to the bulls continuing to buy up coins on even the smallest dips.
As we head into the weekend, a weekend which may once again be rather anemic from a price action standpoint, we want to take a look at our preferred medium term chart, the 12-hour. Here we can see that price is right in the middle of what appears to be a large symmetrical triangle consolidation with support at 520 $ and resistance at 640 $.
Additionally, the 9 and 18 EMA's have stalled in the middle of said pivot zone, as has the 200 SMA, all of which are now strangling price at current levels. Also notice that Willy is getting close to overbought while RSI is still pinned to the lower half and MACD is rolling over...
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