Bitcoin Price Report for September 14, 2016

Sep 14, 2016 --- (ARCHIVED) Free Reports

Market Commentary (BTC):  

Not too much to comment on regarding price action this morning seeing as though the market remains stuck in this 600 - 610 $ near term trading range.  Despite the fact that the charts look pretty good from a shorter term perspective, the longer term technicals are still exhibiting some extended conditions which could use further correcting.  Having said that, we continue to want to be buyers of dips down into our ProTrade zones considering all signs are still pointing to this being a bull market consolidation.

Moving on to said charts, today we take a look at the near term setup via the 4-hour below.  We can see that over the past month or so the market has been inclined to be bullish, even though we had a washout last late last weekend.  Notice that price was traversing along an old uptrend line that when broken sent price back down to sub-600 $ levels (albeit only for a brief period), although this was to be expected given momentum was overbought and divergent.  

Also notice that SCMR is trying desperately to paint a confirmed upside reversal following last weekend's dump, but has yet to do so while candles continue to come in mixed...

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