Bitcoin Price Report for August 31, 2016

Aug 31, 2016 --- (ARCHIVED) Free Reports

Market Commentary (BTC):  

Although things were looking pretty good yesterday for near term bulls, the market once again turned south following a tag of the 580 $ resistance area.  Now price is sitting back down in the 570 - 575 $ area where it has felt so comfortable for over a month.  

We are not expecting any action in the market until later in the weekend going into early next week, therefore we remain neutral on a market that is stagnant and indecisive at current levels.  We will continue to remain patient overall given a still mixed bag of technicals and some waiting time until the next fundamental catalyst (Bitcoin Core 0.13.1).

Today we revisit the 6-hour chart below for a look at the short to medium term prospects.  We can see that price remains flat within the pivot area, and also continue to hug volume profile PoC, while market structure vacillates between bullish and bearish.  

​Also note that trading volumes remain anemic and volume profile looks relatively thin on either side of the current trading range, however the A/D line is still slowly pressing to the upside so it appears as though there are still buyers around current levels. Additionally, SCMR continues...

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