Bitcoin Price Report for March 3, 2017
Mar 3, 2017 --- (ARCHIVED) Free Reports
Market Commentary:
The train to the upside keeps rolling down the tracks as new highs were once again hit during the Asia session, having said that we think that the market is currently looking very stretched from a technical perspective which is why we took off the ST ProTrade at the 1285 $ intended target. Now that we are back to neutral other than the LT position, we will try to be patient over the course of the weekend in order to try to [members-only text]. If one does not materialize and the market is able to consolidate in sideways fashion before breaking 1300 $, then so be it, however we think a pullback down into the [members-only text] would set the stage for yet another leg to the upside as we head into what has evolved into the most important week for bitcoin at least since the halving. That being the case, let's move on the the charts to see what we can glean as we head into a rather uncertain weekend trade.
Regarding the technicals, we can see on the 6-hour chart below that SCMR continues to paint [members-only text] candles as price touches new regional and all time highs near the 1300 $ level while dynamic support continues to build at multiple levels between [members-only text]. Also note that market structure remains bullish, the Ichimoku Cloud and associated T/K cross are both still rising, and all moving averages remain supportive of price for the time being. On the other hand, we are now well outside of the volume profile value area, the A/D line and trading volumes have stalled out, Willy and the Stochastic are officially overbought, RSI is bearishly divergent, and PPO is now flashing weak sell signals. From a medium term perspective things remain bullishly biased, however over the coming days we think the market could take a step back to test one of the [members-only text] zones shown below. We would be [members-only text].
Moving on to the daily chart and things remain [members-only text], at least over the medium term, however the candle formations that are currently coming in are less than encouraging considering they appear to be getting rejected by the new highs for the time being despite what are still [members-only text] SCMR candles. We can also see that momentum is now as overbought as it has been since the first week of January, while the A/D line flattens out much like it has on the 6-hour chart above. Finally, price is way outside of the volume profile value area, well above the Ichimoku Cloud, and fairly extended above the EMA's. Conversely, market structure remains bullish, strong dynamic support continues to build just below [members-only text], and most indicators are signaling that a pullback is due, but that the bull market is not yet over.
Again, we think the technicals are telling us to [members-only text] for the time being as price tries to find new levels of very near term support going into a weekend in which anxiety over the ETF decision could make conditions rather choppy. While we would be [members-only text] at the new VST and ST ProTrade levels listed below, we also might consider yet another [members-only text]so that no matter which direction the market heads over the next few weeks, we will be ready with a strategy to deploy for profit.
Posted ProTrade Ideas:
1a.) **Bitcoin ProTrade - Very Short Term [UPDATED on 3/3/2017]**: 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].
2a.) **Bitcoin ProTrade - Short Term [UPDATED on 3/3/2017]**: 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].
2b.) **Bitcoin ProTrade - Short Term [ENTERED @ 1220 $ on 3/1/2017; CLOSED @ 1285 $ on 3/3/2017 for +5.33% PROFIT]**: We have closed our LONG position off of the 1220 $ level at the intended target of 1285 $ for 5.33% profit in less than 4 days.
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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