Bitcoin Price Report for September 16, 2016

Sep 16, 2016 --- (ARCHIVED) Free Reports

Market Commentary (BTC):  

Bitcoin is still within a few pennies of what the price was when we issued our update yesterday, which is pretty incredible considering OKCoin futures settlement occurred overnight last night.  Despite some choppy volatility in those specific futures markets, the other major exchanges took everything in stride to remain within the tight 605 - 610 $ range.  

While this may not seem like a big deal as a singular event it does add to the growing pile of evidence that this market is preparing for a move, a move to the upside in our opinion.  Both the technicals and fundamentals a aligning going into this fall which will be a recipe for some big moves over the coming months.

Today we take a look at the daily chart for a look at the medium term setup going into the weekend trade.  We can see that price remains in the symmetrical triangle, and is still flatlining just above the bottom of the pivot zone.  Also notice that we are stuck between the 9 and the 18 EMA's, the 200 SMA continues to trend higher, and price is currently still in a volume profile notch area that could use more exploration.  These mixed signals are showing indecision and a lack of conviction on either side of the market so we don't think we are ready for...

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