Bitcoin Price Report for December 7, 2016

Dec 7, 2016 --- (ARCHIVED) Free Reports

Market Commentary (BTC):  

As we move into hump day, bitcoin is exhibiting more strength than we thought it would earlier in the week.  Despite news that payments company Circle is ditching the ability for users to buy and sell bitcoins, as well as continued infighting over Core vs. Unlimited, the market has been able to move rather easily back up to what is now the new 6-hour supply area between [members-only text]that was shown in yesterday's update.  Considering how well the market is absorbing what should be rather bearish recent developments, we think there is a much better chance of price making new highs in the near future.  If the recent strength continues through futures settlements over the next few days, then we would not be at all surprised to see [members-only text] by this time next week.

Today we return to the 12-hour chart seeing as though the minor descending channel from the 6-hour chart yesterday has already been broken higher.  We can see that market structure has come in much more bullish, and in much quicker fashion, than previously expected, although price does remains in what is now a pivot zone as well as yet another ascending triangle formation.  Also notice that SCMR is painting a series of [members-only text] candles while very strong monthly dynamic support continues to build around the [members-only text] level.  Let's not forget we also still have a bullish and stacking 9/18 EMA cross, the 200 SMA remains in a steady uptrend, the A/D line is still moving higher, and volume profile continues to fill in nicely above 720 $.

Moving on to momentum, notice that Willy and RSI are not officially overbought but are pinned in the upper half, the Stochastic has moved into overbought territory although downside appears limited, and MACD remains positive.  On that note, if price can break above the key [members-only text] historical resistance level on these overbought momentum indications, then they will likely be signaling the beginning of yet another significant leg to the upside over the coming days and weeks.  Conversely, PPO is starting to flash some minor sell signals and price is now well within the near term [members-only text] zone, so we need to be cautious around current levels.  With that in mind we have taken off the VST ProTrade at the intended target of 765 $, although considering how price action and market structure are developing we feel comfortable trying to catch another [members-only text] if it materializes.

There is no doubt that our short, medium, and long term biases are now all in the bull camp going into the end of the year.  While we cannot rule out a few more washouts to the downside, likely back down into the [members-only text] range, we would buy that area once again for yet another retest of the regional and local highs between 770 - 780 $.  That being said, the longer price hovers around current levels the harder it becomes for bears to spook the market back down to substantially lower levels, hence our call for new highs if price can maintain through futures expirations.
Posted ProTrade Ideas:

1.) **Bitcoin ProTrade - Very Short Term [ENTERED @ 744.85 $ on 12/5/2016; CLOSED @ 765 $ on 12/7/2016 for +2.71% PROFIT]**:  (a) We have closed our LONG position off of the 744.85 $ level at the initial target of 765 $ for 2.71% profit in 2 days.

b.) **[NEW ISSUED on 12/7/2016]**:  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 12/6/2016]**:  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 12/5/2016]**:  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 12/5/2016]**:  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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