Bitcoin Price Report for August 5, 2016
Aug 5, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): As we head into the weekend, bitcoin seems to have stabilized in the 550 - 580 $ range for the time being. Despite looming uncertainty regarding Bitfinex and it's solvency, the market is processing the situation better than it has on similar occasions in the past, which is an indication that overall the market remains bullishly biased from a longer term perspective. Having said that, the nearer term charts still do not look all that great technically speaking so we are not out of the woods just yet as far as selloffs go.
Today we revisit the 6-hour chart of Bitstamp for the first time in quite awhile in order to see what the shorter term technicals are saying. We can see that price has pushed back up into the new supply area, as well as the OTE short zone, and is hitting moving average resistance between the 9 & 18 EMA's.
Additionally, SCMR is still painting mostly red candles, although the reversal confirmation has not been voided yet, and dynamic resistance is still building at 630 $. Finally, price is currently treading water around a volume profile mini-PoC, however there remain some rather large notches below this 570 $ level.
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