Review of # BITCOIN (# BITCOIN) as of Monday, August 15, 2016

THE VULCAN REPORT

Review of # BITCOIN (# BITCOIN)

as of Monday, August 15, 2016

Today's Price Action

Change  -38.0900 (-6.09%) prices closed lower than they opened.  with strong Bids going into the close.

    CHART PATTERNS

A black body occurred (because prices closed lower than they opened).

During the past 10 bars, there have been 5 white "UP" candles and 5 black "DOWN" candles .

During the past 50 bars, there have been 33 white "UP"  candles and 17 black "DOWN" candles  for a net of 16 white (UP) candles.

  

Three black candles occurred in the last three days.  Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.

MARKET SENTIMENT

 

PulseScan Swing Vix

PulseScan:     -6.44

Swing Vix:     -3.87

The Market Pulse is negative since it is trading below its zero signal line.The PulseScan crossed below the Swing Vix creating a DOWN Trend Channel as of    5 period(s) ago.

The Trend Channel is DOWN!  (i.e. "Negative Swing Vix") This means that negative momentum is entering the market. Expect sideways to lower prices within the next 3-5 days

The Swing Vix is not currently in a topping (above 39) or bottoming (below -39) range.   

A buy or sell signal is generated when the Swing Vix moves out of an overbought/oversold area. 

*The last signal was a Over-Sold Buy 65 period(s) Ago.

The Swing Vix has just reached its lowest value in the last 14 period(s).  This is bearish.The Swing Vix has set a new 14-period low while the security price has not.  This is a bearish divergence. Since the PulseScan leads the market 3-5 days out we will wait to see if downside pressure develops.

        *Since the last Swing Vix signal, # BITCOIN's price has decreased 10.90%, and has ranged from a high of 704.4200 to a low of 508.4800.

                   MARKET TREND - Currently the TREND is -The DownTrend is still entact with prices holding below trendline resistance at- 583.9400.

INTRADAY PRICE PROJECTIONS

RESISTANCE 633.5770 

SUPPORT 568.0500    

WEEKLY PULSE WAVE PRICE PROJECTIONS

PulseWave BreakOut RESISTANCE - 633.5770 

PulseWave BreakOut SUPPORT - 568.0500 

VOLATILITY

On 8/7/2016, # BITCOIN closed  

below the upper band by 41.3%.

This combined with the steep uptrend suggests that the upward trend in prices has a good chance of continuing.  However, a short-term pull-back inside the bands is likely.


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