Very in depth analysis.
The supporting upcoming events might be some European and south American countries' possible economic crisis in this fall. Before, when Greece had similar problem, we had seen some impact on bitcoin prices. Hopefully alternate investment might get stir up in upcoming days due to world economic slowdown.
Topic: Upside breakout above ~$800 in Medium-Term... - page 2. (Read 1298 times)
Market Commentary (BTC):
Bitcoin remains in the 600 - 610 $ range as the dull month of September approaches it's end and the new, more volatile month of October gets underway over the weekend. While we are not expecting a sudden bout of volatility, we do think it will slowly creep back into the market as we get deeper into the month. Until then, however, we think price action will remain subdued with the market staying within the 590 - 610 $ range, which is also where the symmetrical triangle trendlines are currently sitting. As long as we stay in this area there won't be all that much to do on the trading front, although as this range tightens the likelihood of a breakout in either direction inevitably increases.
Speaking of directionality, lets take a look at the 6-hour chart below for a glance at the short to medium term technicals. As previously mentioned, price is still in the triangle consolidation off of the regional highs, and is also back in the upper half of the pivot zone. Also notice that SCMR is painting neutral candles once again following what is still an active confirmed upside reversal, and we now have a fairly strong area of dynamic support sitting between 590 - 595 $. Finally, the near term EMA's are still bullish for the time being, and the 200-period SMA is still pretty flat but is slightly bullish and supportive around 590 $. This 590 $ level is now crucial considering it is becoming a confluence area which includes the triangle uptrend line, the 200 SMA, and the top of the OTE.
Moving on, we can see that the momentum oscillators remain mixed given that RSI and MACD are currently stuck at their centerlines, Willy is chopping around in no man's land (lockstep with price), and PPO is still neutral. Additionally, trading volumes are picking up while the A/D line continues to push steadily to the upside, although there is also a large volume profile notch down between 575 - 590 $ that still is begging for some attention. Despite a small technical bias to the upside, we think there are at least a few more days of sideways action.
To reiterate what we have been saying for the past few months, we think this period of stagnation remains an extended bull market consolidation which implies an eventual upside breakout above the ~800 $ regional high. While we are not expecting this move to materialize over the next week, we do think that over the next few we could start to see some progress up and out of this range. Having said that, there are still a bunch of resistance spiderwebs between 610 - 700 $ that should prove to be difficult to get through which is why we are still relatively cautious for the time being.
GLGT!
https://www.bullbearanalytics.com/
Bitcoin remains in the 600 - 610 $ range as the dull month of September approaches it's end and the new, more volatile month of October gets underway over the weekend. While we are not expecting a sudden bout of volatility, we do think it will slowly creep back into the market as we get deeper into the month. Until then, however, we think price action will remain subdued with the market staying within the 590 - 610 $ range, which is also where the symmetrical triangle trendlines are currently sitting. As long as we stay in this area there won't be all that much to do on the trading front, although as this range tightens the likelihood of a breakout in either direction inevitably increases.
Speaking of directionality, lets take a look at the 6-hour chart below for a glance at the short to medium term technicals. As previously mentioned, price is still in the triangle consolidation off of the regional highs, and is also back in the upper half of the pivot zone. Also notice that SCMR is painting neutral candles once again following what is still an active confirmed upside reversal, and we now have a fairly strong area of dynamic support sitting between 590 - 595 $. Finally, the near term EMA's are still bullish for the time being, and the 200-period SMA is still pretty flat but is slightly bullish and supportive around 590 $. This 590 $ level is now crucial considering it is becoming a confluence area which includes the triangle uptrend line, the 200 SMA, and the top of the OTE.
Moving on, we can see that the momentum oscillators remain mixed given that RSI and MACD are currently stuck at their centerlines, Willy is chopping around in no man's land (lockstep with price), and PPO is still neutral. Additionally, trading volumes are picking up while the A/D line continues to push steadily to the upside, although there is also a large volume profile notch down between 575 - 590 $ that still is begging for some attention. Despite a small technical bias to the upside, we think there are at least a few more days of sideways action.
To reiterate what we have been saying for the past few months, we think this period of stagnation remains an extended bull market consolidation which implies an eventual upside breakout above the ~800 $ regional high. While we are not expecting this move to materialize over the next week, we do think that over the next few we could start to see some progress up and out of this range. Having said that, there are still a bunch of resistance spiderwebs between 610 - 700 $ that should prove to be difficult to get through which is why we are still relatively cautious for the time being.
GLGT!
https://www.bullbearanalytics.com/
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