Bitcoin Price Report for July 29, 2016
Jul 29, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): We now seem to be having deja vu on a daily basis in the bitcoin markets as a pattern of testing 660 $ in the morning and retracing back down to ~650 $ as the day progresses has emerged over the course of this week. Within the broader context of the contracting consolidation we have been in for well over a month, this price action is not all that surprising although it is rather frustrating.
As we have been reiterating all week, until the 640 - 680 $ range is broken we will remain neutral and patient despite the fact that we think a breakout is not too far off. During times like these risk management is paramount so we want to let the market guide us rather than make assumptions about future movements. Having said that, lets see what the market is telling us right now.
As we move into the weekend we wanted to take a slightly longer term look at the technical picture via daily chart below. You can see that we have adjusted the triangle trendlines in a more unconventional way, although now they fit much better and make more sense. Notice that price is now dead in the middle of this new symmetrical triangle, as well as in the middle of the current trading range, and is hanging right around the volume profile PoC around 660 $...
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