Bitcoin Price Report for September 12, 2016
Sep 12, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): As expected, the market indeed took a leg lower over the weekend following what was a feeble attempt to break sustainably above the 630 $ resistance level on volume. Clearly the market is trading primarily according to technicals considering this latest failure at a key confluence area, not to mention the fact that the dump yesterday was catalyzed by price action and not fundamentals or news.
In light of this, we want to make sure we take advantage of the opportunities presented by a market that is in tune with the charts, which is why we have entered the VST ProTrade and are waiting with fresh capital in case price makes one final leg lower into our ST buy zone.
Moving on to the currently all important technicals we can see on the 12-hour chart below that the symmetrical triangle remains firmly intact, particularly now that we have another touch point on the descending trendline. Also notice that the breakout failure materialized right around the 200-period SMA, as well as at strong historical SCMR dynamic resistance, both of which will continue to be trouble spots for bulls on the way out of this larger consolidation range. Having said that...
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