The bitcoin price technical analysis for the july 2016 is in and our verdict is that it is still stuck in consolidation. However, we are quite sure it is getting ready to make a strong breakout soon. Right now, when converting from BTC to USD, one can see that the price is stuck inside a triangle pattern but we feel it might breakout since it is now at its peak.
We also feel that a breakout in either direction will set a long term tread for the bitcoin rate. Some technical experts say that the price of bitcoin is likely to go down in a big way. Right now, it sits just below the 800-dollar level.
That said if the oscillator reaches the overbought area, then the sellers will be able to regain control of the price action. According to the US NFP report, there was a bit of increase in demand for the US dollar last Friday and the economy added 287000 jobs in June which is higher than the projected 175000 increase.
On the other hand, the unemployment rate rose from 4.7 -> 4.9 percent that is higher than the projected increase to 4.8 percent. Right now, the bitcoin price is waiting to see how the uncertainties of the market stay before deciding on the direction.