Bitcoin Price Report for September 23, 2016
Sep 23, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): While the bitcoin price remains in the 590 - 600 $ range that we identified yesterday, there have been some interesting developments on the slightly longer term charts that we think are worth noting. We still think that a final washout down into our VST ProTrade buy zone is possible, however it is looking less and less likely with each day that goes by in which price remains above 590 $.
At this point we are almost ready to start nibbling longs down around current levels in case this thing starts pushing to the upside over the weekend, although we will wait to add more substantial positions until we we get down into the more favorable VST buy region.
As is typically the case on Friday, we like to take a look at a medium term chart in order to gain some context going into the weekend. We can see on the daily chart below that price is still inside the symmetrical triangle, and is now below the light blue pivot area...
Also notice how price is below the flatlined EMA's while the 200-day SMA continues to push to the upside, now sitting around 545 $, which could cause a squeeze if they continue to converge. Despite these rather mixed signals, we do see some more bullish evidence which we discuss below...
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