Bitcoin Price Report for September 28, 2016
Sep 28, 2016 --- (ARCHIVED) Free Reports
Bitcoin Price Update for September 28, 2016
Market Commentary (BTC): Bitcoin just can't seem to get out of the way of this 600 - 610 $ trading range, not for the time being at least. Despite the fact that we don't yet see the impetus for a significant move in either direction at this time, we do think the technicals are telegraphing at least a minor breakout from the current restrictive trading area.
While we cannot rule out a break to the downside, we think it would be limited to our ProTrade buy zones. Conversely, we do think an upside breakout is more likely, but again would be surprised if the bulls can push price up through multiple resistance levels prior to an indicator recharge.
Getting to the details, we can see on the 12-hour chart below that price is incredibly close to breaking above the symmetrical triangle downtrend line which would resolve us out of the pattern. Notice how price is temporarily suspended between the triangle trendline and the pivot area on neutral SCMR candles and mixed market structure, telling us that there is not much more room to run sideways at this time. Additionally...
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