Bitcoin Price Report for February 15, 2017
Feb 15, 2017 --- (ARCHIVED) Free Reports
Over the past 24 hours the market has flatlined just above the psychologically significant 1000 $ level where is still sits right now. Thankfully we have not heard any additional rumblings out of China which has helped stabilize the fundamentals, although the near term technicals are becoming mixed again as volatility flattens out while bulls fail to break to new local highs. Despite the fact that we still think that the medium to long term forecast for an eventual resolution up and away from these historical ranges remains intact, we are now thinking that [members-only text]very well could materialize prior to that move.
Today we expand our timeframe slightly for the short term outlook by taking a look at the updated 6-hour chart. We can see that price continues to struggle with the bottom of the OTE short zone, as well as the 50 SMA and historical [members-only text]. Speaking of SCMR, notice that it is now painting [members-only text] candles as price follows the Ichimoku Cloud to the upside, although there still is no new dynamic support to speak of other than the [members-only text] monthly level. Additionally, momentum is getting to be stretched given an officially overbought Stochastic, a close to overbought Willy, a non-confirmational RSI reading, a flatlined MACD, and neutral PPO. With that in mind, we would not be surprised to see a quick selloff to retest [members-only text] levels, perhaps back down to the near term OTE long zone, 200 SMA, and [members-only text] all of which sit in the [members-only text] area. We would be interested in rebuying down around those levels in case we are stopped out of the current VST ProTrade.
Moving on to the daily chart, and again things seems to be moving in slow motion on the higher timeframes. Price remains in the OTE short zone and the intermediate term supply area on mixed market structure and [members-only text] SCMR candles (also note that we still don't have any [members-only text]). Additionally, momentum continues to recharge although there is still some work to be done in that regard seeing as though Willy is close to overbought, MACD has crossed the zeroline to the downside, and PPO is still flashing weak sell signals. Conversely, the 200 SMA continues to confirm the longer term bull market, the EMA's are confirming near term strength, the Ichimoku Cloud is expanding bullishly out in front of the market, and the T/K (Tenkan/Kijun) cross remains bullish. While the daily chart is not nearly as extended as the 6-hour chart above, it certainly does allow for the possibility of a quick pullback to the aforementioned [members-only text] area prior to continuing higher to test [members-only text].
Overall we see no reason to shift the general tone of our forecasts, at least not for the time being, although we do want to raise stops on the active VST position in order to lock in gains in case of an abrupt test of lower levels like the technicals are hinting at. If a move lower does materialize, we would redeploy capital in the new VST ProTrade (b) area which has been issued today. If not, and price continues higher in spite of what are becoming overbought technicals, then we will remain in the active trade for higher prices than previously expected.
Posted ProTrade Ideas:
1a.) **Bitcoin ProTrade - Very Short Term [UPDATED on 2/3/2017]**: 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].
1b.) **Bitcoin ProTrade - Very Short Term [UPDATED on 2/3/2017]**: We will consider a [members-only text] position on a move above 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 2/3/2017]**: 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 2/3/2017]**: 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 [ACTIVE; UPDATED on 1/10/2017]**: 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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