Bitcoin Price Prediction for June 15, 2016

Jun 15, 2016 --- (ARCHIVED) Free Reports

Market Commentary (BTC):  

Following a relatively scary day for the bulls yesterday, today things are stabilizing nicely as buyers have moved back in.  Fortunately we were able to sneak into a position under 660 $ during the panic, and although it looked dicey for awhile it now appears as though a local low may be in at 656.51 $. 

Although we were partially hoping price would correct more pre-halving in order to catalyze the uber-bullish scenario discussed in the BBB Weekly Report, a sideways consolidation between 650 - 700 $ would most certainly set us up for a having rally likely well up into the 800's $.

Seeing as though we have covered the medium to long term forecast quite thoroughly this week already in the BBB Weekly Report, we now turn back to the short term timeframe to get more granularity.  We can see on the always important 4-hour chart below that the selloff yesterday stopped right on SCMR dynamic support and ended up holding the 18 EMA.  You'll also notice that we left the Fibonacci retracement levels on the chart, which we rarely do, in order to illustrate the bounce off of the 38.2% level (typically a very bullish sign)...

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