Last week Bitcoin exhibited relative strength in the marketplace when compared to precious metals, adding to the fundamental bull case, however the near term technicals are saying that perhaps the market is not yet ready for a breakout move higher.While our bias remains generally bullish for the time being, we realize the market could stay around for awhile first.Last week we saw a somewhat surprising continuation of the near term rally up towards the $755 level where sellers began to move in to put a cap on price.Following that local top, price began to show signs of diminishing momentum on some bearish formations, which led to the sell-off we saw yesterday morning in the markets.Many traders are attributing this most recent pullback solely to the drama between Core and Unlimited, which could very well have been a catalyst for the move, however the technicals were telegraphing the need for such a move going back to Thursday of last week.Now that near term support has been found in the $710 range, the market is forming some rather unorthodox patterns which indicates to us that there remains some indecision at these prices.

While we continue to think the downside risks are relatively limited, we would not be surprised to see slightly lower prices prior to a test of the highs, mainly due to the near term technicals.Speaking of technical conditions, we return to the daily chart today for a closer look at the medium term outlook, going into what is a holiday shortened week for U.S.First of all, we can see that price is still in the upper supply area, despite spiking out of it briefly yesterday, and this has created, what could be considered, a rising wedge formation.This is typically a bearish pattern that results in a breakdown below the lower trendline, as happened on the sell-off over this past weekend, which is given even more credence when combined with still overbought and bearishly divergent momentum indicators.Additionally, price remains outside of the volume profile value area, the point of control (PoC) is still well below the market and trading volumes need to pick up on USD exchanges before a breakout.

On the other hand, the shorter term EMA’s are still stacking towards the upside, the 200 SMA is now decidedly bullish, the A/D line continues to trend higher and we have a series of higher lows working, so the bulls do remain in control for now.litecoin pool infoHaving said that, even within the context of these bullish indications, there is still room to move lower prior to retesting the $755 and $778 highs, meaning price could easily move down to $650 while maintaining a longer term bullish bias.bitcoin wallet windows phoneMultiple areas of both strong support and strong resistance above and below the market have us thinking that perhaps a sideways range extension is possible over the course of this unorthodox trading week, which would then set the stage for the year end fireworks we have been expecting over the past few months.bitcoin laptop lost

Generally speaking not all that much has changed in terms of our forecast, despite the move lower we saw yesterday morning.ftp server bitcoinLong term, things remain intact in terms of the bull market, which implies that we think there is significantly more upside than downside potential going into 2017, however we also acknowledge the fact that the technicals could use a more substantial recharge over the next week or two, at least prior to a breakout above the aforementioned resistance levels.top free bitcoin faucetsTldr: patience and discipline remain virtues as the market ponders where to head next.ebay gift card with bitcoinBullBear Analytics is the longest standing cryptocurrency forecast service in existence. back in late 2010, and has evolved into a buzzing community of savvy and professional cryptocurrency traders.

Adam Wyatt (@AKWAnalytics) is BBA’s COO & Chief Analyst.We are offering a special discount to our Cointelegraph followers so enter ‘BBA15FE’ at checkout for a 15 percent discount on all packages for life!Thanks, and have a great BITday!Disclaimer: Please always do your own due diligence, and consult your financial advisor.Author owns and trades Bitcoins and other financial markets mentioned in this communication.We never provide actual trading recommendations.Trading remains at your own risk.Never invest unless you can afford to lose your entire investment.Please read our full terms of service and disclaimer at the BullBear Analytics Legal.Bitcoin (BTC) prices repeatedly surpassed $780 on 16th December, a feat that up until today has only been achieved a handful of times since February 2014.The digital currency first exceeded this price level today at 12:15 UTC, reaching $780.08 before falling back down to as little as $779.75 at 12:30 UTC, CoinDesk USD Bitcoin Price Index (BPI) figures reveal.

The digital currency continued to fluctuate within a very tight range over the next several hours, falling to as little as $779.41 at 13:45 UTC and rising to as much as $781.07 at 16:45 UTC, BPI data shows.Bitcoin prices stayed within this range until 18:00 UTC, when they closed at $779.53 and remained below $780.This tight, range-bound activity continued at the time of report, as BPI figures showed bitcoin prices were trading at $780.18.Bitcoin prices have been trading at elevated levels, staying north of $760 since 7th December and surging to a 34-month high of $788.49 on 13th December.Bitcoin ATM machine in Edmonton at Rose and Crown Pub – Lamassu Status and feedback Based on user feedback (FAQ): Operator details Operator's name: Bitcoin Solutions Support phone: 780-982-1540 Support email: info@btcsolutions.ca Location City: Edmonton Location: Rose and Crown Pub Business phone:Show number → Address:10235 101 St NWEdmonton, AB T5J 3G1Canada Open hours:Mon-Thu: 11:00 am - 12:00 pmFri-Sat: 11:00 am - 1:00 amSun: 11:00 am - 11:00 pm Bitcoin machine details ATM Type: Lamassu Direction: Fiat → Crypto Supported coins: Fees: 6% Limits: $3,000/day Details: Lamassu one-way bitcoin ATM is located at Rose and Crown Pub in Edmonton.This machine is operated by Bitcoin Solutions.WARNING!