TA: We Need to be Prepared for More Volatility…

BullBear Analytics Price Update for July 22, 2016

Market Commentary (BTC):

We are finally seeing a little bit of action in the bitcoin markets this morning, although we are still only talking about a 10 $ move so far. It appears as though the ETH hard fork has set off a bit of an altcoin rally, which is taking the steam out of bitcoin for the time being. This is not a big surprise considering altcoin pumps are the stage of the cryptocurrency market cycle that directly precede a breakout move for the largest coin. Despite this vague positive signal there could be a few more weeks of these trading conditions, which will at least give us a shot to enter the ST or MT ProTrade, both of which offer attractive risk/reward profiles at key confluence areas.

Going into the weekend we want to take a look at a slightly higher timeframe than we have been analyzing for the majority of this week, therefore we present the Stamp daily chart which is quite interesting. We can see that price is now falling into a support void created by the previous pennant formation, and there seems to be an “X” marking the spot right where the trendlines intersect around 635 $. Also notice that the “X” is sitting right on top of the light blue demand area and SCMR is trying to painta neutral candles, although for now it continues to fluctuate back and forth from bearish (red) to neutral (grey). Finally, the 9/18 EMA cross is now slightly bearish while all of the momentum oscillators head down below the centerlines, however the A/D line remains steady at elevated levels which tells us that there are still some buyers at current levels. It also tells us that there remains the possibility that 650 $ holds over the short term while the indicators recharge.

Moving on, we can also see that volume profile remains rather porous, particularly around the 600 $, 550 $, and 500 $ levels, so more price discovery down in those areas would not be such a bad thing for thelong term health of the market, however a drop from current levels down to those figures would certainly damage sentiment. Additionally, there are several key OTE areas that deserve mention such as the OTE short zone hovering around the ascending triangle resistance line which has kept the bulls at bay for the past few weeks, as well as the two OTE long zones highlighted in the green boxes below. While we are not calling for a drop into the longer term zone yet, we do think it will be possible to tag the upper zone just below 600 $ prior to a retest of the 680 – 700 $ resistance area. That said, we are not there yet so we will continue to watch the 650 $ area, as well as the 625 – 635 $ area, with interest.

Overall, the current consolidation off of the ~780 $ regional highs remains longer term bullish from both a price action and market structure perspective, and we continue to believe that it will eventually resolve to the upside. Having said that, we would not be surprised if the market remains heavy below the 680 $ level, which could be for weeks, but also stays elevated above the 650 $ level. If 650 $ cannot hold, then we will be looking for a quick scalp long down in the 625 – 635 $ area (ST ProTrade), but the more optimal buy zone remains down the mid to high 500’s $ in our opinion.

For now we think the likelihood is that we get more rangy chop over the weekend, although we need to be prepared for more volatility if the aforementioned near term support or resistance levels are taken out. Until then, though, we are staying patient and neutral like we have been trying to do for over a month now.

GLGT!

Graph: http://imgur.com/a/gH550

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Mycelium v breadwallet

So which would you say was best?

Have used mycelium on my phone for a number of years and have never had a problem with it but now bread wallet is on android should I use that instead?

I don’t have much bitcoin but of course what I do have I’d rather not lose and I understand that bread wallet Is very secure while on the other hand I am used to mycelium and find it very easy to use.

So in people’s opinions what is now the leading android wallet ?

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If you want more information from me, then WHY THE FUCK don’t you ask me for it first before canceling a 7 day old order??

I am really trying to bring bitcoin to the mainstream and have been making great use cases for it in my day to day business life. What you’re doing sending people away from Bitcoin in troughs.

I don’t know how many times I’ve been through this with you guys, seriously. It’s unacceptable to be treating long standing good paying customers this way! People have to rely on the price at the time they make a purchase, in particular given fluctuations in price. UNBELIEVABLE!!

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The post Contactless Bitcoin startup Plutus Tap & Pay crowdfunds over $1m in digital currencies appeared first on The Bitcoin Channel.

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The post BitPay launches new invoice display option to improve bitcoin payment process appeared first on The Bitcoin Channel.

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The post Bitcoin Price Technical Analysis for 07/22/2016 – Breakdown and Correction appeared first on The Bitcoin Channel.

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The post Russia to Classify Bitcoin as Foreign Currency appeared first on The Bitcoin Channel.

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