Bitcoin Price Report for Friday October 28, 2016
Oct 28, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC):
Still no run at 700 $ yet as we move into the beginning of the weekend, however bitcoin's price is slowly creeping higher, now comfortably above 680 $. There are some interesting things going on today in the crypto-space, most notably the launch of the much anticipated Zcash blockchain, which could be taking some of the attention away from bitcoin's recent persistent rally, so we will be watching closely to see how things play out there over the next few days. We think once the hype dies down a bit, eyes will move back to bitcoin.
Given a rather perplexing situation both technically and fundamentally going into the lower liquidity weekend trade, we want to take a look at two charts for the short and medium term outlooks. First lets visit the daily chart once again as it remains highly relevant in terms of historical support and resistance, as well as timing. Notice that price is now butting right up against the OTE short zone, which is at the edge of the volume profile value area, and is getting close to the key 700 $ triangle top. Also note that all momentum indicators remains significantly overbought with Willy, RSI, and the Stochastic as high as we have seen them in months, and PPO still flashing sell signals. On the other hand, [members-only text].
Moving on, there remains some strong signals that keep us of the mind that the market is in the midst of a substantial move to the upside through year end, although we still think a pullback is necessary prior to a sustainable break above the heavy 700 - 720 $ resistance area. As far as the symmetrical triangle goes, there is still quite a bit of time left before the market get squeezed by the apex. That said, the main features that are [members-only text].
Finally is the 6-hour chart which we show in order to illustrate just how consistent this rally has been [members-only]. The market has not seen a bearish bar or pivot in the past 8 days, we now have new [members-only text]. Additionally, we have multiple intact uptrend lines and demand areas to provide support if things start to go south. Conversely, the momentum oscillators are even more extended to the upside on this chart and volume profile remains porous. Mixed signals indeed.
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Our hope is that over the course of the next few weeks we finally get a chance to reload on the long side in a more favorable risk/reward area, like one of our ProTrade buy zones below, so that we can increase our position size for the eventual breakout, although we realize that may not materialize. For this reason we will stay [members-only text].
Posted ProTrade Ideas:
1.) Bitcoin ProTrade - Very Short Term **[Updated on 10/28/2016]**: (a) 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].
(b) **[ISSUED on 10/28/2016]**: 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].
2.) Bitcoin ProTrade - Short Term **[Updated on 10/27/2016]**: 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 **[Active; Updated on 10/28/2016]**: 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]. We will add to the position on a pullback to the a [members-only text] area.
4.) Bitcoin ProTrade - Long Term **[Active]**: 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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