Bitcoin Price Report for September 8, 2016
Sep 8, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): Another leg of the rally has taken price into the 620 - 630 $ resistance range at the top of the current symmetrical triangle formation. This indeed confirms our upside bias but also reinforces the idea that the market needs at least a quick breather before making moves up into the mid to high 600's $.
The bulls have been fairly strong so far, which means we are not looking for a big move to the downside in the immediate future, but we still think that a test of the 580 - 600 $ region would be healthy and regenerative for a market that is currently stretched from a technical perspective.
Moving on to said technicals, we can see on the 12-hour chart below that price is now butting up against some serious resistance in the form of the descending triangle trendline, the 200- period SMA, and a large volume profile notch. Also notice that momentum is now highly overbought on this timeframe as well (in addition to the 6-hour chart we showed yesterday) with Willy and RSI officially there, while MACD struggles to find any juice above the zeroline. All of these indication are...
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