Bitcoin Price Report for July 22, 2016
Jul 22, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): We are finally seeing a little bit of action in the bitcoin markets this morning, although we are still only talking about a 10 $ move thus far. It appears as though the ETH hard fork has set off a bit of an altcoin rally, which is taking the steam out of bitcoin for the time being.
This is not a big surprise considering altcoin pumps are the stage of the cryptocurrency market cycle that directly precede a breakout move for the largest coin. Despite this vague positive signal there could be a few more weeks of these trading conditions, which will at least give us a shot to enter the ST or MT ProTrade, both of which offer attractive risk/reward profiles at key confluence areas.
Going into the weekend we want to take a look at a slightly higher timeframe than we have been analyzing for the majority of this week, therefore we present the Stamp daily chart which is quite interesting. We can see that price is now falling into a support void created by the previous pennant formation, and there seems to be an "X" marking the spot right where the trendlines intersect around 635 $...
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