Bitcoin Price Report for August 29, 2016
Aug 29, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): Once again no surprises over the weekend as price remains locked in a tight consolidation, although we did get a small break from the 570 - 580 $ range when price dipped into the mid-560's over the weekend. With a new range in effect from 565 - 585 $ and considering we are going into a long holiday weekend, we think the price action will remain subdued over the course of this week.
With that in mind, lets move to the 6-hour chart below for a look at the short to medium term outlook. First of all, notice that price is still within the symmetrical triangle as it has been for some time, and it now appears to be trapped between volume profile PoC and the near term EMA's.
Moving on, Willy has reversed back to the upside, RSI is back in neutral territory following a bullish divergence, and MACD and PPO are both showing signs of at least a local bottom around 565 $. These are encouraging signs that could indicate a small upside bias this week, although we are still...
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