Bitcoin Price Prediction for 3/7/2016
Mar 7, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC):
Once again the market makers decided to use a weekend to do their work, and once again we seem to be in sync with the game plan. After reaching a low of 389 $ on Bitfinex (382 $ on Stamp), the market bounced up to test the 400 $ area before failing and retesting the lows successfully. Following a nice double bottom in the low 390's $ once the whales were fed, the market was able to break back above 410 $ on supportive technicals.
Additionally, we are beginning to see a pattern emerge in which said MM's take advantage of low liquidity in order to create near term FOMO events both to the upside and the downside. These movements also happen to coincide with key support and resistance levels being met, which recently has been to the top and bottom of the daily symmetrical triangle.
There is also a new trading range forming on the shorter term timeframes that seems like it could extend this consolidation even further.