Bitcoin Price Prediction for July 12, 2016

Jul 12, 2016 --- (ARCHIVED) Free Reports

Market Commentary (BTC):  

The market is truly compressing within the pennant formation we showed on the daily chart in the Report yesterday, which should lead to a small breakout in the not too distant future.  

We continue to think that it will resolve to the upside, however we don't want to get too carried away considering we are still in a large trading range between 550 - 775 $ that will likely not be broken anytime soon.  That said, we could see price pushing up into the 700 - 720 $ resistance area that we have been talking about for weeks, but anymore than that is a stretch in our opinion.

The technicals are corroborating this idea on the short term charts.  We can see on the 4-hour chart below that SCMR is painting green candles, the Pip Collector is showing another green arrow on the current bar, and we are now above volume profile PoC once again.

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