Bitcoin Price Report for August 1, 2016
Aug 1, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC):
As expected, we finally got some action in the bitcoin markets coming into this first week of August and indeed it was to the downside like we thought. For this reason it should come as no surprise that price is now finding some support in our short term ProTrade buy zone between 620 - 630 $, in which we took a small position yesterday.
Getting to the charts, we can see below on the 12-hour that the ascending triangle pattern is no more, and neither are the symmetrical triangle/bull pennant from late last week. Also notice that SCMR is painting red candles while new dynamic resistance builds around 630 $, and the 9/18 EMA cross is now accelerating to the downside.
Additionally, keep in mind that volume profile is still very porous below current levels, therefore if near term support around the 615 $ local low is taken out price will likely move lower very quickly which is why we want to keep a tight stop on the near term ProTrade...
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