Bitcoin Price Report for August 24, 2016

Market Commentary (BTC):

As the tight, sideways chop persists through the majority of this week due to mixed technicals and relatively boring fundamentals, we want to take a closer look at what the market is doing within the multiple consolidation patterns price is stuck in on multiple timeframes.

It has been tough to get a good gauge on the market following the Finex bottom and subsequent bounce, and it still is, however more encouraging signs continue to emerge as we press on in this still contracting 570 - 590 $ range. With that in mind let's move on to the updated 4-hour chart below for a look at the short term technicals.

We can see that price was able to breakout of this specific symmetrical triangle, although price also remained heavy and the apex was quickly tested. Now the market is riding the triangle uptrend line despite neutral SCMR candles and new dynamic support around 570 $. Throw in the fact that the 9/18 EMA cross has flatlined and the 200-period SMA remains bearish and falling around 600 $, and we still have a thoroughly confusing market on our hands for the time being.