Bitcoin Price Report for October 24, 2016
Oct 24, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC):
Twas a good weekend for the bitcoin price as Yuan devaluations late last week finally caught up to the market. It started with a slow break of the near term 630 $ resistance level and then quickly morphed into a full blown buying panic as price reached a high well above 650 $.
Despite a quick respite above that key resistance level, the market is currently retracing some of the rally and is back below there for now. We said on Friday that we expected the action over the weekend to dictate the rest of October which implies that there is more upside possible in the next 7 days, however [members-only text].
Moving on to the details of the technicals, we can see on the 6-hour chart below that SCMR candles remain [members-only text], which by the way kissed the 18 EMA overnight. Also notice that there is new SCMR dynamic resistance at multiple levels between [members-only text]. Additionally, the A/D line still looks good, both the 200 SMA and uptrend line continue to confirm the bull market, and the near term EMA's are already providing support on pullbacks.
Conversely, all of the momentum oscillators leave something to be desired. Willy is still very close to overbought, the Stochastic is already there, RSI is bearishly divergent, and PPO is flashing minor sell signals. Not only that, but volume profile still looks atrocious given a huge notch around 620 $, and exchange volumes are showing another bearish divergence. We admit that the momentum indicators have been less than stellar recently in terms of their predictive ability so we are giving them less credence today, however they remain a part of the calculation.
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Posted ProTrade Ideas:
1.) Bitcoin ProTrade - Very Short Term **[Updated on 10/24/2016]**: 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 10/24/2016]**: 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 10/21/2016]**: 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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