Bitcoin Price Report for February 3, 2017
Feb 3, 2017 --- (ARCHIVED) Free Reports
Market Commentary:
Warning signs be damned, this market is moving higher. Following the issuance of our daily update yesterday in which we expressed near term caution on the market, price proceeded to easily break through the 1000 $ level on the way to a local high of 1022 $. In the aftermath of that top, price has come back down to test back below 1000 $, however all attempts by the bears to push price sustainably back below there have been rejected so far which tells us that the bulls remain strong even at current levels and given current technical conditions. Speaking of which, lets get to the charts before heading into what could be a rather sanguine weekend for bitcoin holders.
We want to return to the 6-hour chart today for the short term outlook, and it appears to us as though the market could take a breather in the not too distant future but is not is jeopardy of [members-only text], at least not for the time being. The main reasons behind this thinking are the aforementioned rejections below 1000 $ over the past few hours, as well as what are [members-only text] SCMR candles and new dynamic support that has begun to build around [members-only text]. Additionally, all moving averages are still supporting the rally, market structure has not yet turned [members-only text], the Ichimoku Cloud has flipped to bullish, and the A/D line has taken a significant leg up over the past few days. On the other hand, all of the momentum oscillators are officially overbought, MACD is stalling out, and PPO just started painting weak sell signals. Finally, price is now well within both the OTE short zone and the intermediate term supply area which is why we think at least a pause in the action is not far off, especially since [members-only text].
Moving on to the daily chart, despite the fact that SCMR is [members-only text], which is [members-only text], the current candle that is trying to paint right now looks toppy, at least for the time being. Additionally, price is now outside of the [members-only text], within the OTE and supply zones, on momentum indicators that are [members-only text] even from a medium term perspective. We realize that these momentum indications could once again be a sign of strength rather than exhaustion, especially since the A/D line remains so steady and the Ichimoku Cloud is still bullish. Lastly, the Tenkan/Kijun cross we have been mentioning all week has yet to flip to bullish, another reason why we think there could be some sideways, consolidative chop over the near term prior to [members-only text].
Overall we have a feeling that this weekend will end up being relatively tranquil, at least in comparison to what we saw over the course of this work week, although we are not expecting much in the way of bias in either direction given strong support underneath the market as well as overbought conditions over the short to medium term. If anything we think control remains with the [members-only text], but that they will [members-only text].
Posted ProTrade Ideas:
1a.) **Bitcoin ProTrade - Very Short Term [UPDATED on 2/3/2017]**: We will consider a [members-only text] position in the [members-only text] area with a stop around [members-only text] and a target of [members-only text].
1b.) **Bitcoin ProTrade - Very Short Term [UPDATED on 2/3/2017]**: We will consider a [members-only text] position on a move above the [members-only text] area with a stop around [members-only text] and a target of [members-only text].
2.) **Bitcoin ProTrade - Short Term [UPDATED on 2/3/2017]**: We will consider a [members-only text] position in the [members-only text] area with a stop around [members-only text] and a target of [members-only text].
3.) **Bitcoin ProTrade - Medium Term [UPDATED on 2/3/2017]**: We will consider a [members-only text] on a move to the [members-only text] area with a stop around [members-only text] and a target of [members-only text].
4.) **Bitcoin ProTrade - Long Term [ACTIVE; UPDATED on 1/10/2017]**: We will stay [members-only text] off of the [members-only text] level with a stop around [members-only text] and a target of [members-only text].
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