Bitcoin Price Report for September 30, 2016
Sep 30, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): As we approach the end of the week, as well as the end of September, bitcoin's price continues to stagnate in the 600 - 610 $ range much the way it has over the past few weeks. We still think that we get a breakout in one direction or the other other the next several days, however we are less convinced of an imminent upside break.
Despite this change to the forecast we will stay in the VST ProTrade until the market tells us it is ready to head lower. As we have said many times throughout the week, we still feel pretty good about our positioning for now regardless of short term directionality.
Moving on to the technicals, we can see on the daily chart below that price is still treading water inside the large symmetrical triangle it has been trapped in for months, as well as inside the pivot area that it has been flirting with for weeks.
Also note that SCMR is painting neutral candles on what continues to be a contraction of price action, and we still do not have any semblance of strong dynamic support or resistance near current levels. Adding to the confusion...
For the complete forecast, full charts, ProTrade Ideas, Slack access, and altcoin coverage please SUBSCRIBE today!