Bitcoin Price Report for July 5, 2016

Jul 5, 2016 --- (ARCHIVED) Free Reports

Market Commentary (BTC):  

And, we're back!  Following a rather subdued weekend of price action in the bitcoin markets, we return today pretty much precisely where we left things on Friday.  Indeed we did get a rally over 700 $ as expected, however it petered out quickly and didn't waste much time retracing back below that key level. 

Now we are firmly back in the consolidation range between 550 - 700 $, which until further notice remains the MT trading range.  That said, the fact that bulls were able to push above 700 $ on a long weekend tells us that bullish bias remains strong in this market, yet another reason why we want to continue to try to catch dips into key support areas.

For the technical overview we turn to the 4-hour chart below for some extra granularity regarding the shorter term forecast.  We think the near term action will develop in very interesting ways over the next 5 days as the market responds to the halving event...

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