Bitcoin Price Prediction for June 22, 2016

Jun 22, 2016 --- (ARCHIVED) Free Reports

Market Commentary (BTC):  

No news is good news.  Following what was a raucous 24 hours on the exchange front, things finally seem to be getting back to normal.   This does not excuse Bitfinex from providing us with an explanation as to what happened yesterday, however it does mean that we can now return to our regular analysis based on the Finex exchange.  Just a heads up, though, that we will not hesitate to switch our exchange coverage given continued difficulty or signs of impropriety on the part of Finex (or any exchange for that matter).  At this time that does not seem to be the case, but keep in mind that we are paying attention.

Yesterday we took a slightly longer term view of the market via the 12-hour chart of Bitstamp, but today we return to the short to medium term timeframe in order to try to get a better idea of where we stand in this correction/consolidation.  We can see that SCMR is still painting red candles while strong dynamic resistance builds around the 770 $ level, and the 9/18 EMA cross is strongly bearish while volume profile remains pretty ugly...

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