Bitcoin Price Prediction for July 18, 2016
Jul 18, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC):
As expected, the bitcoin markets ground to a halt on Friday and Saturday before showing some signs of life early Sunday morning. That rally up to the 685 $ resistance area was short lived, though, as sellers began to emerge above the key 680 $ level once again.
From a fundamental perspective the market should be fertile for a move to the upside in the not too distant future considering everything is still humming along just fine post-halving, however until the technicals sync up on more than just a couple timeframes then we will be stuck playing the waiting game for the most part.
Moving on to said technicals, we can see on the 12-hour chart below that price is still trapped in this extremely tight consolidation range which now sits between 640 and 680 $, a range which remains intact despite some spikes slightly above and below there to access liquidity. Notice that this consolidation range is also a pivot zone that goes back months so it might not be so easy to breakthrough it just yet, especially considering there is strong OTE resistance starting around 690 $...
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