Bitcoin Price Reports & Free Daily Prediction

Bitcoin Price Report for February 27, 2017

2/27/2017

Market Commentary:

As expected, the market went into a rangy consolidation mode over the weekend testing both the upper levels of the range above 1200 $, as well as the lower end of the range around 1130 $. Despite the fact that price came short of hitting our previous 1115 - 1125 $ VST ProTrade entry area, we are ok with this given we think the bias currently remains in the [members-only text] camp over the near term. From a longer term perspective the market remains healthy despite overbought momentum indications, which reinforces our hypothesis that we are in a relatively brief yet broad consolidation period between 1090 and 1220 $ until further notice. Having said that, there are some interesting developments emerging on the charts so let's take a look to see if we can glean some insight into what the action may bring as we head into March.

First up is the 6-hour chart once again as it remains our preferred view of the short term technicals. We can see below that price is indeed stuck between the upper supply area and the upper demand/pivot area on what remains [members-only text], while SCMR tries to transition back into [members-only text] candles as we speak. Also note that price currently seems to be forming a textbook bullish pennant, or what could also be seen as a small ascending triangle, both of which are signs of an eventual resolution to the upside following this consolidation period. Additionally, the EMA's remain supportive, the SMA's are still confirming the bull market, and the Ichimoku Cloud remains [members-only text] (as does the T/K cross).

Conversely, momentum could use some additional recharging given the Stochastic is already almost back to overbought, RSI and Willy have flatlined in the upper half, MACD is back to testing the zeroline, and PPO is still neutral. Throw in the fact that price remains above the volume profile value area, below which could use some filling in, and again we think the technicals are telling us that the market needs more time for price discovery around [members-only text]. On that note, we think the market could use a bit more [members-only text], and perhaps even another [members-only text], prior to moving above the new 1220 $ ATH.

Moving on to the daily chart and things get a bit more confusing considering we have what looks like a small ascending triangle here as well on what are still [members-only text] SCMR candles. Additionally, market structure remains bullish, all uptrend lines are still intact, the moving averages and Ichimoku Cloud are all still positive, and the A/D line continues to push to the upside. On the other hand, all of the momentum oscillators are still officially overbought, MACD continues to roll over, and PPO is back to flashing strong sell signals. Not only that, but price is well above the volume profile value area on what remains a rather porous volume profile setup, and actual exchanges volumes recently have been more bearish than bullish. Again, all of this seems to be pointing to an extension of the trading range as the market continues to try to [members-only text] while traders consolidate gains off of the newly minted ATH.

All things considered, we are expecting the [members-only text] that we saw over the weekend to continue through the better part of this week as momentum recharges and new dynamic levels try to build. With that in mind, we still think that a "buy the dips, sell the rips" type of strategy works well in this environment, especially for nimble scalp traders, although for the longer term setups we will remain patient for [members-only text] before re-entering on the buy side.

Posted ProTrade Ideas:

1a.) **Bitcoin ProTrade - Very Short Term [UPDATED on 2/27/2017]**: 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 [ISSUED on 2/27/2017]**: We will consider a [members-only text] position on a move to 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 2/27/2017]**: We will consider a [members-only text] position off of the [members-only text] level with a stop around [members-only text] and a target of [members-only text].

3.) **Bitcoin ProTrade - Medium Term [UPDATED on 2/24/2017]**: 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 2/24/2017]**: 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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Bitcoin Price Report for February 22, 2017

2/22/2017

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Market Commentary:

Well ladies and gentlemen, it certainly looks like the bitcoin markets are on the verge if breaking both the regional highs of 1140 $ from early this year, as well as the ATH of 1163 $ from November of 2013. Currently price is sitting around 1125 $ as it continues to creep slowly higher on low volume and overbought technicals, which has been the case for almost the entirety of the medium term rally. While traditionally these would be signals indicating that the market is stretched and due for a pullback or consolidation, when we get this close to major breakout levels they tend to act as magnets for price. That said, we are not guaranteeing a move to new highs as imminent by any means, but the odds continue to increase as time passes. Despite the fact that we remain [members-only text], we are unsure as to whether we will actually get a shot prior to a breakout to new highs. If not, we will remain in the LT ProTrade for substantially higher prices.

Back to the 6-hour chart as it has presented the most salient view of the short term technical setup throughout the course of this week. We can see that price continues to press up into the final historical resistance zone via the upper supply area, and yet the bulls have yet to really be challenged on the downside. SCMR remains [members-only text], we have another are of dynamic support forming at [members-only text], market structure remains bullish, and the A/D line is accelerating. On the other hand, as has been the case for most of the month of February, the momentum oscillators are officially overbought, MACD remains anemic, and PPO has just started flashing weak sell signals. While we cannot rule out a move lower to surprise the bulls one last time prior to breaking out to a new historical trading range, we think it will be quickly bought much like the minor dips we have seen over the past few days.

Now on to the daily chart where we can see the story remains much the same as it is on the 6-hour chart above. A move up into the final supply area has not stopped the bulls' run to the upside in spite of what are still very extended medium term momentum indications. As far as price action goes, SCMR remains [members-only text] while dynamic support continues to build around [members-only text], and we also have a textbook hammer candle trying to paint following a breakdown rejection around the 1100 $ level overnight. Additionally, the A/D line has picked up the slack from the past few days, volume is ticking up slightly, and MACD has room to run. On the other hand, Willy and the Stochastic are still officially overbought, RSI is getting very close, and PPO is still flashing weak sell signals. While we don't see anything currently that is an imminent danger to the rally, we must always be vigilant for washouts to the downside both in terms of risk management on current trades as well as [members-only text].

For the time being it appears as though traders are taking a breather and allowing some consolidation in the mid-1120's $, a healthy thing for the market in our opinion. In fact, it would be even better for the market if we could see a somewhat bigger and longer range consolidation over the next few days to few weeks in order to recharge momentum and allow for another period of accumulation prior to the FOMO that we know will be a result of new ATH's. While we are fairly confident that [members-only text], how and when we actually get there remains up to the market.

Posted ProTrade Ideas:

1a.) **Bitcoin ProTrade - Very Short Term [UPDATED on 2/22/2017]**: 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 2/22/2017]**: We will consider a [members-only text] position on a move to the [members-only text] area with a stop around [members-only text] and a target of [members-only text].

1c.) **Bitcoin ProTrade - Very Short Term [ISSUED on 2/22/2017]**: We will consider a [members-only text] position on a move to the [members-only text] area with a stop around [members-only text] and a target of [members-only text].

2.) **Bitcoin ProTrade - Short Term [ACTIVE; UPDATED on 2/22/2017]**: 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].

3.) **Bitcoin ProTrade - Medium Term [UPDATED on 2/22/2017]**: 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 2/22/2017]**: 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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Bitcoin Price Report for February 17, 2017

2/17/2017

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Market Commentary:

More positive developments for the bulls in the overnight/China session as price broke convincingly above the 1040 $ near term resistance level on its way to the 1060 $ area where it now sits. Additionally, this rally is even more encouraging than it normally would be considering it came during futures settlements on multiple exchanges which tells us that there is still pressure to the upside in spite of all the shorts that continue to build across the market landscape. From a fundamentals perspective the outlook looks much the same as it has over the past couple of weeks, therefore we must remain focused on the technicals for guidance as to where the market heads next.

Getting to the technicals, we can see on the 4-hour chart below that the most recent spike to the upside has taken price up into the upper supply area on what are now officially overbought momentum indications across the board, other than PPO and MACD which are both still neutral. Also note that price is now outside of the [members-only text] area on rather lackluster trading volumes, although the A/D line remains heathy. Adding to the uncertainty is the fact that SCMR is still painting [members-only text], however the closest level of dynamic resistance we have building now is down around [members-only text]. With that in mind, we think the most likely outcome over the coming weekend is a [members-only text], however if the bears can pick up some steam to the downside in the near future then the OTE long zones shown below are the new areas of interest for near term ProTrades going forward.

Moving on to the daily chart and we can see that market structure is now firmly bullish, as are [members-only text], although here again we see that the traditional momentum indicators are getting awfully close to overbought territory. That said, there is not much in the way of medium term historical resistance to speak of until we get up closer to the regional and ATH's, and the A/D line seems to be confirming the market strength much as it has over the past few months. Finally, although it is not shown, we are still in the longer term OTE short zone off of the regional highs of 1140 $ from earlier in the year so sellers continue to try to keep pressure on price in this region, albeit without much success ([members-only text]).

As we move into a rather pedestrian February weekend from a seasonal perspective, we think there is a good chance that the market could pause for a short while between [members-only text] prior to challenging the highs sometime in the next [members-only text]. We think this would be a healthy way to recharge momentum and washout late longs. On the other hand, if price begins to move back to the downside then we would be buyers of the move in one of the aforementioned [members-only text] in order to get back on the train for the next leg of the trip to the upside.

Posted ProTrade Ideas:

1a.) **Bitcoin ProTrade - Very Short Term [UPDATED on 2/17/2017]**: 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 2/17/2017]**: We will consider a [members-only text] position on a move above [members-only text] with a stop around [members-only text] and a target of [members-only text].

2.) **Bitcoin ProTrade - Short Term [ACTIVE; UPDATED on 2/17/2017]**: 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].

3.) **Bitcoin ProTrade - Medium Term [UPDATED on 2/15/2017]**: 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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Bitcoin Price Report for February 15, 2017

2/15/2017

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Market Commentary:

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].

**Premium members get to see live trades complete forecasts, and full charts everyday.
To get your access to our edge, subscribe today.**

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Bitcoin Price Report for February 3, 2017

2/3/2017

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Market Commentary:

Warning signs be damned, this market is moving higher. Following the issuance of our daily update yesterday in which we expressed near term caution on the market, price proceeded to easily break through the 1000 $ level on the way to a local high of 1022 $. In the aftermath of that top, price has come back down to test back below 1000 $, however all attempts by the bears to push price sustainably back below there have been rejected so far which tells us that the bulls remain strong even at current levels and given current technical conditions. Speaking of which, lets get to the charts before heading into what could be a rather sanguine weekend for bitcoin holders.

We want to return to the 6-hour chart today for the short term outlook, and it appears to us as though the market could take a breather in the not too distant future but is not is jeopardy of [members-only text], at least not for the time being. The main reasons behind this thinking are the aforementioned rejections below 1000 $ over the past few hours, as well as what are [members-only text] SCMR candles and new dynamic support that has begun to build around [members-only text]. Additionally, all moving averages are still supporting the rally, market structure has not yet turned [members-only text], the Ichimoku Cloud has flipped to bullish, and the A/D line has taken a significant leg up over the past few days. On the other hand, all of the momentum oscillators are officially overbought, MACD is stalling out, and PPO just started painting weak sell signals. Finally, price is now well within both the OTE short zone and the intermediate term supply area which is why we think at least a pause in the action is not far off, especially since [members-only text].

Moving on to the daily chart, despite the fact that SCMR is [members-only text], which is [members-only text], the current candle that is trying to paint right now looks toppy, at least for the time being. Additionally, price is now outside of the [members-only text], within the OTE and supply zones, on momentum indicators that are [members-only text] even from a medium term perspective. We realize that these momentum indications could once again be a sign of strength rather than exhaustion, especially since the A/D line remains so steady and the Ichimoku Cloud is still bullish. Lastly, the Tenkan/Kijun cross we have been mentioning all week has yet to flip to bullish, another reason why we think there could be some sideways, consolidative chop over the near term prior to [members-only text].

Overall we have a feeling that this weekend will end up being relatively tranquil, at least in comparison to what we saw over the course of this work week, although we are not expecting much in the way of bias in either direction given strong support underneath the market as well as overbought conditions over the short to medium term. If anything we think control remains with the [members-only text], but that they will [members-only text].

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To get your access to our edge, subscribe today.**

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BITCOIN TECHNICAL ANALYSIS

Bitcoin Price Report for February 27, 2017

Bitcoin Price Report for February 22, 2017

Bitcoin Price Report for February 17, 2017

Bitcoin Price Report for February 15, 2017

Bitcoin Price Report for February 3, 2017

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BITCOIN TECHNICAL ANALYSIS​

Bitcoin Price Report for February 27, 2017

Bitcoin Price Report for February 22, 2017

Bitcoin Price Report for February 17, 2017

Bitcoin Price Report for February 15, 2017

Bitcoin Price Report for February 3, 2017

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BITCOIN TECHNICAL ANALYSIS