This week the price of bitcoin was fairly stable, mostly trading in a sideways $ 20 range. Despite a low dip to $552, bitcoin quickly retraced back up. Buying intent seems subdued, as it seems most money is on the sidelines waiting for a clear signal. Perhaps the most exciting bit of fundamental news this week was the release of Bitcoin Core Software version 0.13.0. It features code intended for deploying SegWit, a soft fork transaction capacity solution.
Last week’s bottom at $556 was not the final one. As with most bottoms, a double or triple bottom structure confirms a bottom. Price went up, then headed back down for a retest of $555. This paved way for a brief run up to $579. The resistance at this level held well and price moved sideways for the rest of the week.
The short term trend up held well but, as of writing this, trading is still below $604 resistance. Just before the most recent rise to $583, a sell off to $552 on August 19th confirmed another bottom. A classic candlestick hammer pattern, well known