Bitcoin Price Report for December 28, 2016

Dec 28, 2016 --- (ARCHIVED) Free Reports

Market Commentary:

Bitcoin continues it holiday ascent as increasing demand for coins runs head-on into a vastly reduced supply caused by the halving earlier this year.  Throw in the fact that the technicals have been conducive to rallies despite overbought conditions, and we have a perfect recipe for higher prices going into the end of this year, as well as the beginning of next.  While we are still in the upper half of the historical resistance band between [members-only text] that we discussed yesterday, the rapidity and conviction with which 940 $ was broken makes us think that [members-only text] will be surpassed with relative ease.  Although we cannot rule out some spike moves back to the downside as we approach the psychologically significant 1000 $ level, we would [members-only text]. 

Today we want to take a look at the 4-hour chart for an even closer look at how things are playing out over the near term.  We can see that price remains in rally mode following a breakout above the 920 $ local highs from earlier in the week, which looks to continue considering SCMR is [members-only text].  Additionally, we still have dynamic support building around the [members-only text]levels, the latter of which is also[members-only text], and market structure remains quite bullish despite substantial extension above the 200-period SMA and Ichimoku Cloud support.  Speaking of the Cloud, it continues to confirm the uptrend but the signal lines are saying that a small pullback is possible in the not too distant future.

The notion of a pullback is confirmed by the momentum indicators considering Willy, RSI, and the Stochastic are all officially overbought, MACD is still showing a bearish divergence, and PPO is flashing strong sell signals.  Additionally, volume profile remains porous below the market, we are well outside of the [members-only text], and exchange volumes are bullishly leaning but also divergent. Finally, price is now entering a Fibonacci extension range between the 161.8% and 200% levels, which means we could see at least a small local top between current levels and [members-only text]. Having said that, if the bulls breakthrough there with little difficulty, then there is really nothing stopping price from reaching 1000 $ in short order.  

Currently we see no reason to deviate from our plan to hold on to what is now the Long Term ProTrade for higher prices while hunting favorable setups in near term support zones in case of a pullback. Regardless of how the market trades around the key 1000 $ level, and admittedly we expect some volatility, we think price pushes substantially higher than that over the coming months, likely to [members-only text].
Posted ProTrade Ideas:

1a.) **Bitcoin ProTrade - Very Short Term [UPDATED on 12/28/2016]**:  (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].

1b.) **Bitcoin ProTrade - Very Short Term [UPDATED on 12/28/2016]**:  (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].

2.) **Bitcoin ProTrade - Short Term [UPDATED on 12/28/2016]**:  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 [UPDATED on 12/28/2016]**:  We have moved the MT ProTrade to the LT position due to current market conditions.  NEW TRADE:  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 12/28/2016]**:  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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