Bitcoin Price Prediction for July 7, 2016

Jul 7, 2016 --- (ARCHIVED) Free Reports

Market Commentary (BTC): 

The flatline in the bitcoin price around the 670 $ level yesterday gave way to weakness late last night as sellers moved in en masse. Despite the relatively positive technical outlook from earlier in the week, halving uncertainty has put traders and investors on edge which is not an optimal environment for stable price action.  

Having said that, we are still effectively in the previously mentioned 640 - 700 $ trading range (although we did get a spike down to 625 $ overnight), which indicates to us that the market makers are still simply playing a choppy consolidation game in order to keep weak hands and new traders on the wrong side of the trade.  While we think that there could be additional weakness over the next few days, hence the raising of our VST PT stoploss higher, as long as we can hold the 580 - 600 $ area things will be intact for a continuation higher post-halving.

Today we take another look at the 6-hour chart, a chart that has evolved quite a bit over the past 24 hours.  Notice that we have SCMR dynamic resistance now building overhead between 680 - 685 $ while it starts to paint red candles once again...

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