Bitcoin Price Report for August 8, 2016
Aug 8, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): Indeed the weekend brought some subdued price action with a bullish bias up to the 600 $ resistance region as expected. Now as we enter the new week, price is staying pinned to the 590 $ level which is a sign that there are not as many sellers in this area as previously expected. Despite the possibility that the bulls continue to push price to the upside through 600 $, we do not think there is enough juice technically speaking to get through heavier resistance around 630 $.
Back to the trusty 12-hour chart today for a look at the short to medium term technicals. First, we can see that price has popped back above the 200-period SMA and 18 EMA, but is now running into resistance in the form of the 9 EMA as well as the top of the pivot zone. Also notice that we are entering a fairly large volume profile notch as SCMR continues to paint neutral candles, so we may be stalled around these levels for some time.
Moving on to momentum we can see that Willy has broken above the centerline but looks somewhat toppy near term, RSI remains below 50 and is flatlining, and MACD is still unconvincing for either bulls or bears. Additionally, the CM Vix remains...
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