Bitcoin Price Report for August 19, 2016

Aug 19, 2016 --- (ARCHIVED) Free Reports

Market Commentary (BTC):  

Incredibly, the bitcoin price simply refuses to move from this 570 - 580 $ range as both bulls and bears get immediately spurned on any minute move in either direction.  Going into what may be the slowest trading weekend of the year seasonally speaking, we are watchful but not optimistic about a breakout of this range.  

The lack of fundamental catalysts combined with still mixed technicals means that we must remain neutral and patient going into next week, although we do think a move out of the larger 555 - 600 $ trading area is coming in the next week or two.  Until then, though, we remain on the sidelines.

Today we take another look at the 6-hour chart for the short term overview since we will be covering the medium and long term outlooks in the full report on Monday.  We can see that price has truly flatlined around 570 $ which is where volume profile PoC is sitting, as are both the 9 and the 18 EMA's.  As long as price remains within the light blue pivot area, risk/reward will continue to be...


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