Bitcoin Price Report for March 1, 2017
Mar 1, 2017 --- (ARCHIVED) Free Reports
Market Commentary:
Despite some to-be-expected volatility around the current breakout, the market looks poised for more gains through the end of this week as some newly emerging technicals indications hint that this could be the beginning of a more substantial move to the upside. From a fundamental perspective, not all that much has changed recently other than BU losing some steam and the global macro picture getting even more conducive to higher prices, but in general we think this is primarily a technical move. That being the case, price is acting a bit more irrational around these highs, which is [members-only text], however an adjustment to [members-only text] can keep us in what we think will end up being a [members-only text] throughout the course of the remainder of the week.
Moving on to said technicals, we can see on the 6-hour chart below that the shorter term setup remains in a fairly extended position, however the recent spike through the ATH resistance level and the upper supply area are signs that the bulls remain in control. This is being confirmed by [members-only text] SCMR candles and bullish market structure, as well as new and strong dynamic support now building around [members-only text]. Additionally, all short and medium term moving averages continue to stack to the upside, the Ichimoku Cloud and T/K cross both remain bullish, and the A/D line is holding steady at elevated levels. On the other hand, all of the momentum oscillators are officially overbought, volumes are unimpressive so far, and we are now even further outside of the volume profile value area than we were yesterday. Given the fact that the only causes for concern right now are the overbought momentum indicators, which can actually be a sign of strength as opposed to exhaustion, we think that the path of least resistance remains to the upside.
Moving on to the daily chart and things get even more encouraging for the bulls, especially due to the newly formed multi-month dynamic support that we are now seeing build between [members-only text], as well as still [members-only text] SCMR candles on the [members-only text]. We can also see that market structure remains bullish, the EMA's and SMA's are all supportive, the Ichimoku Cloud continues its trek higher, and the A/D line is still confirming the upward bias. Conversely, we still have some warning signs as far as momentum goes considering Willy, the Stochastic, and PPO all remain officially overbought while RSI is still painting a small bearish divergence, although MACD continues to hold its own fairly well despite recent near term volatility. Seeing as though the broader consolidation range between 1090 and 1220 $ could not even hold for a full week, we think the bias remains to the upside despite some downside movements over the past few hours.
Generally speaking, we are as [members-only text] from a medium term perspective as we have been all year, however it seems as though the market makers want to washout as many breakout traders as possible before taking the price up to the [members-only text] target area. We will adjust our stops in order to [members-only text], but if we are not able to then we will be buyers of what small retracement back below [members-only text] we get over the next few days prior to the real rally to new sustainable highs. Overall, things look on track for [members-only text], although we would caution that a blowoff top is possible if FOMO really gets going up into the [members-only text] area going into the ETF decision on March 11. At that point we would be looking for a retest of the [members-only text] level, but lets not get too ahead of ourselves just yet.
Posted ProTrade Ideas:
1a.) **Bitcoin ProTrade - Very Short Term [UPDATED on 3/1/2017]**: 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 [ACTIVE; ENTERED on 3/1/2017]**: 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].
2.) **Bitcoin ProTrade - Short Term [UPDATED on 3/1/2017]**: We will consider a [members-only text] position off of the [members-only text] level with a stop around [members-only text] and a target of [members-only text].
3.) **Bitcoin ProTrade - Medium Term [UPDATED on 2/24/2017]**: 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 2/24/2017]**: 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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