Bitcoin Price Report for July 14, 2016
Jul 14, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): Compression is currently the name of the game as price continues to tighten between 640 - 680 $. While this may be less than optimal for near term traders, it reinforces the idea that we are in a bullish consolidation which should resolve to the upside eventually and thus bringing back volatility to the market.
Having said that, we still do not think the market is ready for that just yet, which means that we need to remain patient and tactical until we get more evidence that a breakout is imminent. For the time being, however, we do not see that technical evidence so on the sidelines we sit.
Today we look at a slightly longer term chart in the form of the 12-hour in order to see what the medium term technicals are telling us. We can see that the symmetrical triangle pattern was indeed broken on this Bitstamp chart as well, but again did not cause any FOMO whatsoever...
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