Bitcoin Price Report for September 21, 2016
Sep 21, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): "It moved! I think it moved!" At long last, after 10 days of being trapped in the 600 - 610 $ range, the market is finally moving out of this area to explore other levels. Due to the fact that there were multiple failed breakouts at 610 $ it made sense to us that the bears would try to take it lower prior to any further upside movement. Hence why we rightly took off the VST ProTrade yesterday near the highs and why we are hesitant to re-buy at current levels.
Having looked at the longer term charts earlier in the week and the short term chart yesterday, today we want to focus on the medium term via the 12-hour chart below. We can see that price is still inside of the symmetrical triangle, and as expected is now coming down off of the upper trendline.
Additionally, SCMR is printing red candles now as well, not a great sign, although price is already in the pivot area so some near term support is now emerging. Additionally, the EMA's are bearish, as is the 200 SMA, and volume profile could use some action in the 580 - 600 $ area (mainly at the lower end of this range)...
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