Bitcoin Price Report for September 6, 2016
Sep 6, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): And, we're back! After some long overdue and much needed time off, we return with renewed invigoration and conviction regarding our recent forecasts. Despite a continuation of the absence of fundamental catalysts, the technicals proved to be enough to spark a breakout from the previous 565 - 585 $ trading range as expected.
Now with price sitting just above 600 $ but just below the still intact symmetrical triangle, we stand at a critical juncture with regard to where we might be headed over the course of the next few weeks. So, without further ado, let's take a look at the daily chart below for a classic medium term view of the current state of the market.
We can see that indeed price is now near the upper bound of the triangle consolidation that the market has been stuck in for almost three months, which means that multiple resistance areas exist overhead in the form of the pivot area and the downtrend line. Also notice that SCMR is still painting some dynamic resistance around the key 630 $ level, although we finally have new support at 565 $ along with green candles and a myriad of reversal signals. Additionally, we have some decent market structure to work with following a...
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