Bitcoin Price Report for October 21, 2016
Oct 21, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC):
Bitcoin is back to its stable ways now as price sits just below 630 $, a level which the market apparently really likes. For the time being it looks like the move down a few days ago was just a range extension to the downside which now has us trading between the 625 and 640 $ levels, however price has been riding some shorter term SMA's to the upside over the past few days so if these start to give way the market could take another leg lower as mentioned in yesterday's update. [members-only text]
Today we take a look at both the daily and the 12-hour charts as each one offers a different yet valuable insight into the current state of the market. First we want to inspect the daily chart in order to put what is going on shorter term into context. [members-only text] We also have strong dynamic support still sitting around the 600 $ level, although market structure leaves much to be desired right now, so we are still thinking a move down there is possible but not necessarily likely. [members-only text]
The most intriguing features on the 12-hour chart are the SCMR candles that have been painted over the past few days as price has ridden along the upper trendline. [members-only text] It is hard to ignore such positive signals, especially when combined with momentum oscillators which are within a few days (at most) of being fully recharged. Considering these developments in the context of the daily chart we think there could be a move back up to the top of the current near term trading range around [members-only text], although we still think a breakout attempt to substantially higher levels would be premature at this time.
Posted ProTrade Ideas:
1.) Bitcoin ProTrade - Very Short Term **[Updated on 10/21/2016]**: 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 10/20/2016]**: 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 10/18/2016]**: 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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