Bitcoin Price Report for March 6, 2017
Mar 6, 2017 --- (ARCHIVED) Free Reports
Market Commentary:
Despite some minor liquidity-driven volatility over the weekend, for the most part the market has been able to consolidate and recharge without much in the way of pullbacks. A few spikes down into the 1230 - 1240 $ range were all quickly rejected by buyers, and this show of support has led to a renewed sense of confidence amongst the bulls which is pushing price above 1280 $ (which is awfully close to new all time highs). While we would not be surprised to see the market pause or dip slightly as we near the [members-only text] level for one final fakeout, we think the odds of another [members-only text] are now on the rise considering how well the near term technicals are behaving. Speaking of which, lets move on to the charts in order to get an idea of how this rather unique week in Bitcoinland might play out from a price perspective.
We start off with a return to the 6-hour chart which remains insightful in terms of the near term outlook. We can see below that a [members-only text] SCMR [members-only text] was unable to allow the sellers to regain control, and now we are back to [members-only text] candles on bullish market structure. Also note that it appears as though we have yet another ascending triangle (or possibly bullish pennant), a fairly popular and reliable formation over the past few weeks, while strong dynamic support continues to build around the [members-only text] level. Additionally, the EMA's are now starting to stack to the upside again, the SMA's are still confirming the medium term bull market, and the Ichimoku Cloud is expanding rapidly to the upside. Throw in the fact that all three momentum oscillators have healthily recharged, MACD has found a local bottom, and PPO is back to neutral, and it looks to us like the near term technicals are supportive of [members-only text].
Moving on to the daily chart and not all that much has changed considering the price action over the weekend was relatively benign. We still have [members-only text] SCMR candles being painted while multi-month dynamic support continues to build between [members-only text]. We can also see that the bullish consolidation formation is even more pronounced here, especially if considered a bullish pennant, which bodes well for higher prices in the not too distant future. Additionally, the A/D line is still heading slowly higher, market structure remains bullish, and price action looks good given the recent downside rejections below 1250 $. On the other hand, all of the medium term momentum oscillators, including PPO, are still officially overbought while MACD continues to lose steam, and price is still well outside of the volume profile value area which itself remains thin down to the 1000 $ area.
Although we continue to see some warning signs on the daily chart, mainly in the form of momentum, this has been the case for almost all of 2017 and yet the rally higher has been able to persist in spite of these conditions. For now, especially considering how strong the shorter term charts are looking, we think the bias remains with the bulls which likely means [members-only text]over the course of this week.
Posted ProTrade Ideas:
1a.) **Bitcoin ProTrade - Very Short Term [UPDATED on 3/6/2017]**: 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 [ISSUED on 3/6/2017]**: We will consider a [members-only text] position on a [members-only text] of the [members-only text] with a stop around [members-only text] and a target of [members-only text].
2.) **Bitcoin ProTrade - Short Term [UPDATED on 3/6/2017]**: 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].
3a.) **Bitcoin ProTrade - Medium Term [ISSUED on 3/6/2017]**: 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].
3b.) **Bitcoin ProTrade - Medium Term [UPDATED on 3/6/2017]**: 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 3/6/2017]**: 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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