Bitcoin Price Report for October 7, 2016
Oct 7, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): It's a miracle! Bitcoin has finally broken and held above the key 610 $ for more than an hour! Compared to what we have gotten used to over the past several weeks in terms of price action and volatility the move we saw overnight was like seeing fireworks for the first time, however we know that in the broader context of the bitcoin market that was nothing.
The action we are currently seeing is still indicative of consolidation, which we have been in for months, although the signs we were hoping to see to confirm an eventual upside resolution are finally starting to emerge. At this point we don't think there is a rush to jump in given we still believe a retest move back down is a very real possibility, but we will admit that it is nice to already be long in the ProTrades.
Today we will focus on the 6-hour chart for the short term, in which we can see that price is already pressing up into some fairly heavy resistance areas in the form of the supply area and OTE short zone. Also notice that the oscillators are already overbought and SCMR is still painting bullish candles with strong dynamic support, however we are almost out of the volume profile value area and there is a doji trying to paint right now....
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