Bitcoin Price Report for July 20, 2016
Jul 20, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): It doesn't get much more boring than this. With Ethereum completing their hard fork today, all eyes seem to be on that market as traders try to decipher what comes next for the 2nd largest cryptocurrency. This fact, combined with the already established technical stagnation/consolidation, has led to almost a complete flatline of the bitcoin markets.
670 $ now seems to be the pivot point, so we will continue to watch price action around that level for hints as to a near term resolution out of the even tighter trading range currently sitting between 650 - 680 $.
We can see on the 12-hour chart below that SCMR is painting neutral candles due to the lack of movement, although we still don't have new dynamic support or resistance yet on this timeframe, unfortunately. Also notice that price is currently sitting right on the short term uptrend line, as well as volume profile PoC and the near term EMA's, and remains well within the light blue pivot zone.
None of these indications are giving us a clear signal as to directionality of the market, although they do tell us that a move out of the current range is likely in the not too distant future...
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