Bitcoin Price Report for March 13, 2017
Mar 13, 2017 --- (ARCHIVED) Free Reports
ETF? What ETF? Bitcoin is once again exhibiting its honeybadger-like qualities as the dump from the ETF rejection on Friday afternoon has been almost completely wiped out by a steady move higher over the course of the weekend. This actually makes sense to us given our opinion that an approval of the ETF would have been good for the price near term but bad medium to long term, while a rejection would be bad for near term price action but good for the longer term fundamentals. Apparently the market is coming to this conclusion as well considering that as we price in the event the higher price rises. While we remain generally bullish on the market going forward into early Spring, price is running up against some short term technical resistance so a [members-only text] would not surprise us one bit.
Speaking of the technicals, lets return to the 6-hour chart below for a look at the near term setup where we can see that price is currently pushing up against the top of the still intact symmetrical triangle despite volatile spikes both above and below it last Friday. Also note that we are getting awfully close to the upper supply area, the Stochastic is almost back to overbought, and MACD looks like it wants to roll over soon. On the other hand, Willy and RSI still have some room to run to the upside, PPO is still flashing weak buy signals, the A/D line has started moving higher again, and SCMR is back to [members-only text] following both a [members-only text] and a [members-only text] over the weekend. Finally, price is already back above the 50 SMA, above volume profile PoC, and the EMA's have crossed over back to bullish, all of which hint at more [members-only text]. All things considered, we think a pullback into the [members-only text] is possible over the course of this week, however it might end up being more shallow than that given how bullish things are looking on the longer term charts.
With that in mind, notice on the daily chart below that the ETF rejection spike actually created new multi-month SCMR dynamic support at the [members-only text], but that the real support came in within the upper demand area where two [members-only text] candles painted as well as a [members-only text]. Now SCMR has [members-only text], we are back above the EMA's as well as the still bullish Ichimoku Cloud signal lines, market structure is returning to [members-only text], and all relevant trendlines and SMA's remain intact and supportive telling us that the [members-only text] for the time being. Additionally, momentum has recharged nicely considering all of the oscillators are trying to bottom around their midpoints and reverse higher, MACD is about to break above its zeroline, and PPO is finally back to neutral. The only things that currently give us pause from a medium to long term perspective are the fact that the A/D line has been rather anemic recently, and that price is already back in the upper supply area which should invite some sellers back to the party in the not too distant future. Having said that, we see no reason to close the new MT ProTrade that was opened [members-only text] so we will remain patient through any potential near term volatility in order to capture more [members-only text].
Overall, we must admit that the rebound from Friday has been much more impressive and encouraging than we thought possible late last week, which tells us that the bull market is likely far from over. While we are not expecting a straight line to the upside over the near term, we do think that pullbacks are still buyable due to the bullish bias that the technicals continue to exhibit.
Posted ProTrade Ideas:
1.) **Bitcoin ProTrade - Very Short Term [UPDATED on 3/13/2017]**: 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].
2a.) **Bitcoin ProTrade - Short Term [ENTERED @ 1137 on 3/8/2017; CLOSED @ 1200 on 3/10/2017 for +5.54% PROFIT]**: We have closed our LONG off of the 1137 $ entry level at 1200 $ for +5.54%.
2b.) **Bitcoin ProTrade - Short Term [ISSUED on 3/13/2017]**: 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].
3a.) **Bitcoin ProTrade - Medium Term [ACTIVE; ENTERED on 3/10/2017]**: 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].
3b.) **Bitcoin ProTrade - Medium Term [UPDATED on 3/10/2017]**: 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 3/6/2017]**: 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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