Bitcoin Price Report for August 26, 2016
Aug 26, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): As we head into the final weekend of August, the market remains stagnant around the 575 $ level. Despite a few pops up to resistance at 580 $ and a few dumps down to test the bottom of the range at 570 $, for the most part the market has been steadily trading sideways for pretty much the entire week.
We think this period of extreme inactivity will give way to more volume and volatility within the next several weeks, which is likely not what traders want to hear, but the market just does not seem ready to resolve out of this area yet. Until it is ready, price will remain trapped in a series of ranges.
Before signing off for the weekend we want to take a look at the daily chart below for a a view of what the market has done throughout the summer. We can see that price is still right in the middle of a symmetrical triangle consolidation off of the June highs, and the flattening EMA's and still bullish 200 SMA are signaling that this indeed remains an extended sideways consolidation within a bull market...
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