Bitcoin Price Report for September 26, 2016
Sep 26, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): Bitcoin is back in the 600 - 610 $ range following a short stint in the 590's $ last week. Despite what looked like favorable conditions for a downside continuation into our longer term ProTrade buy zones, this outcome never materialized as bulls moved in quicker than expected.
Now we are back to playing the waiting game with the market given the near term forecast remains rather uncertain, although we think we are still currently well-positioned regardless of where the market heads over the course of this week.
Despite the fact that it looks like we may be in store for a bit more choppy consolidation, we still think the market is getting ready to make a move in the not too distant future. Looking at the 12-hour chart below we can see that price remains within the symmetrical triangle that has been active since June, and we are now back above the pivot zone which provided support last week.
We also have active OTE long and short zones both above and below the market, as well as triangle trendline support and resistance that are closing in on price, so it looks like the case for...
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