Bitcoin Price Report for October 5, 2016
Oct 5, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): Bitcoin has finally broken out of the near term 600 - 610 $ trading range, this time to the upside, however once again it is met with little to no fanfare and no follow-through. After another test and hold of the 605 $ level over the past 24 hours, buyers began to move back into the market to drive price above 610 $.
Despite this small breakout to the upside, the bulls were still not able to get price to or above our VST ProTrade exit target (which is also where the near term OTE short zone sits). While we are not very impressed with the price action surrounding what should have been a catalyzing move above 610 $, we realize that the medium term technicals are still syncing up which is why we want to take a look at the daily chart today.
We can see on said daily chart below that despite a break above the 6 and 12-hour symmetrical triangles, the daily chart is still showing the formation as intact and unbroken. Notice that price is pushing right up against the bottom of the upper triangle trendline which means that a move up into our ProTrade sell zone would indeed take us out of this consolidation pattern.
Such a move would confirm upside bias and would allow for some more wiggle room with regard to price action and volatility over the coming weeks. Additionally...
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