Bitcoin Price Report for August 17, 2016
Aug 17, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): The waiting game persists as the bitcoin markets continue to compress during this slow summer trading season. Despite the possibility that we could remain locked in the 550 - 600 $ range for a few more weeks, this newer 570 - 580 $ range will likely break sometime this week or this weekend.
Today we zoom in on the 4-hour chart below given it has been awhile since we have taken a serious look at shorter term technicals. The first thing to notice is that we have another working symmetrical triangle on this timeframe in addition to the longer term charts, which continues to squeeze price into the current trading range (and is also where volume profile PoC is and hence where near term fair value is).
Also note that there is a new minor pivot area from 555 - 570 $ which should provide some support on dips, and SCMR is once again painting neutral/mixed candles following a few days of bullish price action earlier this week. Finally, the OTE short zone continues to sit right overhead between 585 - 620 $ while the major OTE long zone still lies between 500 - 520 $, not to mention that...
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