Bitcoin Price Report for October 12, 2016
Oct 12, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): Following the release of our price update yesterday, bitcoin continued to push to the upside reaching a high of 640 $ on the dot. Despite the need for a pullback the market was simply too bullish, however today we are getting at least a small pause that hopefully refreshes.
As far as fundamentals go, there is still some near term uncertainty with regard to the release of the latest Core update and Roger Ver's new mining pool ViaBTC which is attempting to block SegWit. Having said that, we think this is a passing threat which leaves the medium to long term fundamentals conducive to a sustained rally higher over the next few months, and even years.
For the technical perspective, let's take a look at the 6-hour chart below. The near term EMA's are now stacking to the upside while the 200-period SMA continues it's steady journey higher, both of which tell us that the the market remains in rally mode despite the recent pause. Also notice that there was a small selloff immediately following a breakout failure at 640 $ which was stopped by what is now the new bullish pivot area shown in light blue.
Considering price ripped through the OTE short zone like tin foil yesterday, in addition to how well it has held up today, we think...
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