Bitcoin Price Report for April 3, 2017
Apr 3, 2017 --- (ARCHIVED) Free Reports
So far our call late last week for bullish bias over the course of the weekend has been accurate, and that strength is persisting into the early hours of the first trading week of April as price has pushed up into the 1100's $ on all major exchanges. Despite the fact that the scaling rhetoric continues to rumble in the background, we think that market participants are still looking past this language given the odds remain in favor of a stalement or compromise as opposed to a hard fork (at least in our opinion). Additionally, the technicals on a medium term basis continue to look healthy and could very well produce more [members-only text] later this Spring, however the shorter term charts are getting [members-only text] at current levels so we would not be surprised to see a [members-only text] in the not too distant future.
No reason to mess up a good thing, so we are returning to the 6-hour chart below for another look at the short term setup. Following a break above the still bearish Ichimoku Cloud, price pushed up into the lower half of the lower [members-only text] zone, as well as lower portion of the newly adjusted supply area, all while SCMR continues to paint [members-only text] candles on what has become downright [members-only text] market structure. Also note that we now have new dynamic support building at multiple levels below the market around the previous local low at [members-only text], as well as at [members-only text] and [members-only text] (the latter of which is the strongest yet). Additionally, price has recently broken back above the flatlined 200 SMA, which is now ticking up slightly, the EMA's are stacking to the upside, and the 50 SMA is slowly turning higher.
As far as momentum and volume are concerned, it is a mixed bag currently considering Willy and the Stochastic are both officially overbought, RSI continues to lag, MACD is showing a steady bearish divergence, and PPO is back to flashing sell signals (albeit weak ones). Finally, exchanges volumes still leave much to be desired, however the A/D line remains in a healthy uptrend and price is in a volume profile notch area which could use some extra filling in. Overall, despite overbought momentum oscillators, the majority of the other technical indications continue to point to slightly more [members-only text] over the short term, perhaps up into the upper [members-only text] zone around [members-only text], before getting a more substantial pullback to test longer term support.
Moving on to the trusty daily chart we can see that the broad symmetrical triangle remains intact as price pushes up into the upper half of it once again. The rally today has turned the SCMR candle [members-only text] as price moves definitively above the still bullish Ichimoku Cloud, although we still don't have any new [members-only text] below the market. Also notice that the EMA's are very close to crossing back over to the upside while the 200 SMA continues its slow trend higher, this still confirming the longer term bull market. As far as momentum goes, all of the oscillators remain supportive of more upside other than the Stochastic which is already close to officially overbought, MACD is confirming the move with a rise above the zeroline, and PPO is somehow still painting strong medium term buy signals.
On the other hand, volume has not been at that impressive recently, at least not relatively speaking, and volume profile remains fairly thin around current levels despite still being within the value area. Lastly, we can see that price is now in the lower supply area, near a historical [members-only text]level, at Ichimoku Cloud signal line resistance, and just below the [members-only text] zone and triangle downtrend line. All of these will provide selling pressure as they are reached. Putting all of this together confirms our suspicions from above that the market likely continues [members-only text] into more significant resistance over the near term prior to correcting back down to the [members-only text] consolidation triangle.
As price currently dances around the 1120's and 30's $ in what appears to be yet another small bull flag-type formation, it seems as though near term [members-only text] continues to build in the market. Granted we may be close to the FOMO phase of this particular move, implying an end to it sooner rather than later, however this final leg up could very well push price into the [members-only text] area. If not, and the bulls fail to break convincingly back above the [members-only text] high in the near future, then perhaps this move will have run its course and we are back to choppy bearishly biased market conditions. Having said that, for the time being, and as long as [members-only text] can hold, then the bulls remain in control.
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Posted ProTrade Ideas:
1.) **Bitcoin ProTrade - Very Short Term [UPDATED on 4/3/2017]**: 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].
2.) **Bitcoin ProTrade - Short Term [UPDATED on 4/3/2017]**: 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].
3.) **Bitcoin ProTrade - Medium Term [UPDATED on 4/3/2017]**: 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 [UPDATED on 4/3/2017]**: We will consider a [members-only text] off of the [members-only text] level with a stop around [members-only text] and a target of [members-only text].