Bitcoin Price Report for October 31, 2016

Oct 31, 2016 --- (ARCHIVED) Free Reports

Market Commentary (BTC):  

Despite remaining uncertainty regarding SegWit and the ViaBTC mining pool's opposition to it, as well as the insanity of the Zcash launch last Friday, the bitcoin markets were able to take another leg to the upside on Saturday hitting a weekend high of 717.99 $.  While price did extend a bit higher than we anticipated early last week, it came as no surprise that the medium term OTE short zone in the 700 - 720 $ area put at least a temporary halt to the persistent rally conditions we have seen over the past several days.  [members-only text]

Below we take a look a the 12-hour chart for the details of the short to medium term outlook.  We can see that... [members-only text].  Also note that price remains well within the OTE short zone on what are still very overbought momentum indicators and a porous volume profile, all signs that perhaps this selloff is not over quite yet.  Specifically, Willy and PPO remain heavily overbought, RSI has come down slightly but looks ripe for a bearish divergence, and MACD is about to cross back below the zeroline.  [members-only text]

Moving on, the EMA's are now being tested as support but are still bullish, the 200-period SMA has finally taken a slight tick to the upside confirming the general uptrend, and the A/D line remains very bullish.  Speaking of trendlines, notice that price is currently still above the both the upper and lower uptrend lines, no doubt a good sign for the bulls, however we must keep an eye on the 665 - 670 $ area for a breakdown.  [members-only text]

We have adjusted our ProTrades to reflect these new realities in the market in order to give us a better shot at adding a near term long position to our already established MT play.  [members-only text].  Not that we think we are heading back down that low, but [members-only text].  We want to be ready for that, but we also need to be ready to catch it higher in case the buyers are simply too strong at this point in the cycle.  
Posted ProTrade Ideas:

1.) Bitcoin ProTrade - Very Short Term **[UPDATED on 10/31/2016]**:  (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]

(b) **[UPDATED on 10/31/2016]**:  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 10/31/2016]**:  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 10/29/2016]**:  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]**:  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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