Bitcoin Price Report for August 4, 2016
Aug 4, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): Not a bad few days at all for bitcoin bulls, especially those that were able to get back in below 500 $. Now that we have a firm low to work against at 465 $ we can start thinking more seriously about upside targets, as well as retracement levels on a retest.
While we think there will be another run to the downside to test support between 480 - 520 $ over the course of the next week or two, we would be surprised to see a move below 500 $, at least until higher levels are explored. Despite the fact that price is already in a bearish confluence zone, we still think there is a shot at SCMR resistance sitting around 630 $.
Getting to the 12-hour chart below, we can see that price is running into the 200-period SMA, as well as the 18 EMA, and is now back in the pivot zone. Additionally, price is sitting on a volume profile mini-PoC with a notch right above us...
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