Bitcoin Price Prediction for July 1, 2016
Jul 1, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): As the 4th of July holiday weekend in the US commences, the bitcoin markets are trying their best to put a 7-handle on price once again. Although the bulls were unable to break the 700 $ resistance level overnight, they were able to push us up above 680 $ with relative ease. We think this was likely due to lingering fundamental catalysts from earlier in the week (China, Brexit), but is also a product of oversold near term technicals.
Now that we are entering the potentially low liquidity, high volatility weekend while still being in the 550- 700 $ range, it would not surprise us to see a breakout above 700 $ before pausing and pulling back at resistance between 720 - 725 $. A test back below 700 $ would then be in order, however this would set us up for a nice upside continuation for the halving next weekend.
Today we are looking at the daily chart of Stamp so that we can have more of a medium term perspective going into the three-day weekend. It is clear that we are still in a bullish pennant pattern that is close to being broken to the upside, however OTE resistance just overhead at 685 $ is putting the brakes on this ride for the time being...
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