Bitcoin Bull Market on Pause as Market Digests Uncertainty

Brexit, halving, auctions and exchange problems have dampened demand enthusiasm for Bitcoin over the near term.
However, a much needed pullback might be just what the bulls ordered as we approach Q3 2016.
Following what was a relatively quick sprint from $430 to $790 over the past month, the market is finally taking a much needed breather despite the Brexit drama last week. The Australian auction of over 24,000 coins, various exchange issues and outages, and halving uncertainty are all contributing to the near term weakness as well.
Having said that, ‘near term’ are the operative words seeing as though this action is healthy for the longer term sustainability and longevity of the current bull market. Once we get yet another rangy consolidation out of the way, we can move forward with a test of $1000 (hopefully in the latter half of this year).
We will be looking at two Bitstamp charts today as we continue our journey into the technicals of the bitcoin markets.
A quick note, we prefer to use Stamp for the medium to long term analysis due to more extensive price history and additional continuity, however we will switch to Bitfinex as we narrow our timeframes going forward. Back to it, we can see on the 3-day chart below that $150 – $300 is the long term accumulation zone with OTE and trendline support sitting between $300 – $400.

This post was published at Coin Telegraph on 2016-06-27.