Bitcoin Price Report for October 3, 2016
Oct 3, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): Despite a slight pick-up in price action towards the back half of the weekend, it was not nearly as volatile as we expected which has left the market still trapped in the 600 - 610 $ trading range (Stamp). We did see a brief respite above 610 $ for part of the day on Saturday, however the bulls could not hold it which lead to a minor selloff back down to the 605 $ area.
Now as we open October price remains just under the key 610 $ resistance level, although we are getting less sanguine on the market over the near term due to the fact that the temporary move above 610 $ over the weekend failed to spark any FOMO whatsoever. This tells us that the market is not yet ready for a legitimate breakout above the 620 - 630 $ range.
Hopefully the 12-hour chart below can help us glean some insight into where we might be heading next, at least from a short to medium term perspective. We can see that the symmetrical triangle was broken mildly to the upside over the weekend, however there was practically no follow-through which is not a great sign for the bulls. Also note that...
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