Over the past month, both the fundamental and technical cases for bitcoin have both strengthened significantly. Having said that, there are some near term challenges that need to be dealt with before a sustainable move to the upside can be made.
Fundamenally speaking things have been very good for bitcoin lately. China continues to devalue the Yuan in a failry consistent manner, India has tried to demonetize big bills with what have so far been disastous results, a Trump win adds to domestic uncertainty, and protocol improvement roll-outs such as SegWit are encouraging from a tech perspective. On that note, however, the emergence of Bitcoin Unlimited (BU) and ViaBTC are both disconcerting developments that will likely hinder any further price appreciation in the near future.
With that in mind we want to inject some objectivity, as well as longer term thinking, into the conversation in order to put this situation into context. While it may be frustrating to many of us that Ver and his crew have created such a stir, this is a good lesson in how easy it still is to divide and stall a bitcoin project that remains in its monetary infancy. Despite the fact that it may take time and resources to bleed BU out (which we are fairly certain will happen eventually), it will be a good example for and warning to those who want to try to hard fork the experiment without consensus. Leaving those who are detrimental to bitcoin broke and tainted will be a strong message to the world.
On the technical side of things, it looks to us like the market may be ready for a near term pullback to test more significant support levels below the market, however the longer term forecast remains intact and bullish. Once the near term roadblocks are cleared away, watch as price reaches new heights.
Posted ProTrade Ideas:
1.) **Bitcoin ProTrade - Very Short Term [UPDATED on 11/21/2016]**: (a) 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].
(b) **[ENTERED @ 732 $; CLOSED @ 744 $ for +1.64% profit]**: We we have closed our LONG position off of the 732 $ level at 744 $ for +1.64% profit. No new ProTrades at this time due to poor risk/reward at current levels.
2.) **Bitcoin ProTrade - Short Term [UPDATED on 11/21/2016]**: 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].
3.) **Bitcoin ProTrade - Medium Term [ACTIVE; UPDATED on 11/21/2016]**: 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; UPDATED on 11/21/2016]**: 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 in the [members-only text] area.
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