Bitcoin Price Report for October 10, 2016
Oct 10, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): While the Scaling Bitcoin Conference was in full swing in Milan, Italy over the weekend, bitcoin itself was able to stay above the key 610 $ level and is now pressing up into the OTE short zone between 615 and 620 $.
Despite what appears to be price action indicative of an imminent breakout, there are many other technical indicators that we are watching that are giving conflicting signals. Let's take a look at them on the 6-hour chart below, which remains our chart of preference for the short term perspective.
We can see that price has been able to hold above the old triangle trendlines, market structure is coming in more bullish than previously expected, and the A/D line continues to press to the upside, all of which indicate that buyers still remain in this 600 - 620 $ range. Also, the near term EMA's are trying to pick up some steam to the upside while the 200-period SMA continues to trend higher, now sitting around the 600 $ level.
Conversely, price is now in the supply area and OTE short zone, as well as above the volume profile value area. Additionally, the momentum oscillators are showing warning signs considering Willy and the Stochastic are already officially overbought while RSI gets close, although PPO is now showing neutral conditions once again. Finally, there is a very significant technical confluence area right around...
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