Bitcoin Price Reports & Free Daily Prediction

Bitcoin Price Report for May 22, 2017

5/22/2017

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

Market Commentary:

Indeed it turned out to be an enjoyable weekend alright, but not for the reasons we expected. While we maintained our bullish bias in the update last Friday, we underestimated how strong the market would remain following the breakout above 2000 $. Now price is well above 2100 $ as exuberance persists, although after doing some analysis regarding past bubbles it looks like there is the potential for a substantial continuation to the upside. On the low end, if we compare this run to the one in March/April of 2013 then 3000 - 5000 $ is the target, however if we take the entire bull market from 2 $ to 1200 $ in 2012/2013 then it is more like 10,000 - 15,000 $. While we certainly think the latter is a far stretch given how much larger and more liquid the markets are now than they were back then, the former target range does not seem so unrealistic at this point seeing as though 3K $ is less than 50% higher from current levels.

Having said that, we think there will be a more significant shakeout in the not too distant future prior to reaching the eventual top, one which we hope to take advantage of (although we are not holding our breath). For the time being we see little standing in the way of even higher prices over the near term, although we [members-only text]. Hodler's can keep hodling, while non-hodler's learn a valuable lesson about investing vs. trading.

6-hour Chart:

We return to the 6-hour chart to start the week as it remains our favorite view of the short term setup. We can see that price has continued to push higher following a [members-only text] bar over the weekend, however we are now back to [members-only text] and have new (and very substantial) dynamic support building right around the [members-only text] level. Also note that this is where a new demand area sits, as do the still rising EMA's, and market structure and the Ichimoku Cloud both remain bullish. Throw in still supportive longer term SMA's below the market, as well as a lack of resistance other than the new [members-only text] area above the market, and it looks like the path of least resistance remains higher.

Moving on to momentum and volume, it should come as no surprise that all of the momentum oscillators other than RSI are pinned in officially overbought territory, and RSI is getting awfully close. Also note that MACD seems to be painting a bearish divergence for the time being, although the A/D line and volume profile continue to support higher prices over the near term. Despite the fact that overbought momentum in conjunction with positive volume indications has been a recipe for higher prices over much of this year, given the minor confluence between current levels and the [members-only text] area we think the market might take a breather soon (although we are not expecting a dump back below [members-only text] at this point).

Daily Chart:

Back to the daily chart for the a medium term view of the market, and we can see that here too price is entering another [members-only text] area after the previous one was breached over the weekend, however this one is much larger and extends all the way up to near the [members-only text] level. Also note that SCMR is still painting [members-only text] candles while new dynamic support builds around [members-only text] on this timeframe as well, all while the moving averages and Ichimoku Cloud continue to rise in support of the market. From a price action and market structure perspective, all systems are still a go.

As far as momentum and volume are concerned, things remain overbought on all of the momentum oscillators much like the 6-hour chart above, while we have yet another MACD bear div to contend with as well. That said, a continuation of the current rally will likely lead to a breakout in MACD, and overbought momentum has [members-only text], so we see no reason to hop off right now due to momentum. As far as volume goes, the A/D line continues to pick up steam to the upside and trading volumes are still being dominate by the bulls (likely due to the still intact supply/demand imbalance), however volume profile remains thin which is why we cannot rule out a spike lower before taking a crack above the [members-only text] level. Overall it certainly appears as though the bias remains with the bulls, and in our opinion we are not quite i[members-only text], so for now we think [members-only text] are likely over the course of this week.

Market Summary:

Not only is our bullish bias technical in nature, but the fact that the Consensus Conference 2017 is being held in NYC this week reinforces the euphoria as big ideas, hopes, and dreams are tossed around by some of the most well-known bitcoiners in the world. This will also likely help many of the major alts do quite well as new conference-goers feel compelled to speculate on what they are seeing.

While we think this is likely to be a [members-only text] for price over the next few days, it could create a post-event hangover for the markets going into next weekend so we need to stay aware of that. Until then, though, it looks like we need to keep our moon suits on.

Subscribe for Complete Forecast

Posted ProTrade Ideas:

1a.) **Bitcoin ProTrade - Very Short Term [UPDATED on 5/22/2017]**: We will consider a [members-only text] off of the [members-only text] level with a stop around [members-only text] and a target of [members-only text].

2a.) **Bitcoin ProTrade - Short Term UPDATED on 5/22/2017]**: We will consider a [members-only text] off of the [members-only text] level with a stop around [members-only text] and a target of [members-only text].

2b.) **Bitcoin ProTrade - Short Term [UPDATED on 5/22/2017]**: 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].

3.) **Bitcoin ProTrade - Medium Term [UPDATED on 5/22/2017]**: 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 [UPDATED on 5/22/2017]**: We will consider a [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 see live trades, complete forecasts, and full charts everyday.
To get your access to our edge: subscribe today.**

Disclaimer: Please always do your own due diligence, and consult your financial advisor. Author owns and trades bitcoins and other financial markets mentioned in this communication. We never provide actual trading recommendations. Trading remains at your own risk. Never invest unless you can afford to lose your entire investment. Please read our full terms of service and disclaimer at the BullBear Analytics Legal.

0 Comments

Bitcoin Price Report for May 19, 2017

5/19/2017

0 Comments

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

Market Commentary:

Following a stall out consolidation that began last time price hit new all time highs a few weeks ago, the market finally broke out to the upside above 1892 $ and has continued to run throughout the course of this morning (although we are pausing now). This move validates the VST ProTrade breakout play we have had issued for over a week, which has already been taken and closed for profit at the intended target of [members-only text]. While we cannot rule out a continuation to the upside given that the bias remains firmly in the bull camp, we wanted to end the week on a high note so that we could go into the weekend without too much stress. That said, we are still looking for opportunities both above and below the market price now, so perhaps we can catch another wave higher in the not too distant future if given the chance.

4-hour Chart:

Today we zoom in a bit more via the 4-hour chart for a peak at the shorter term technicals and what they are saying about the upcoming weekend. We can see that SCMR [members-only text] as price continues to push to the upside, and market structure is still [members-only text]. Also note that the EMA's are still stacking to the upside, the SMA's remain supportive of the bull market (as well as the current rally), the Ichimoku Cloud continues to move higher, and we now have new dynamic support building around the [members-only text] level. Seeing as though momentum is getting stretched, which we will discuss below, a retracement back to that area over the weekend is certainly not out of the question (and would actually be healthy).

Moving on to momentum and volume, we can see that Willy and the Stochastic are both officially overbought, RSI is not but is close, MACD is still lagging, and PPO is now flashing weak sell signals. On the other hand, trading volumes continues to support [members-only text], the A/D line is still trending slowly higher, and volume profile looks surprisingly good other than a large notch around [members-only text]. Given this VP notch area has already been tested a few times this week and held, we would be surprised if price could get that low over the next few days barring some bad news.

Weekly Chart:

To finish off the week with the proper perspective and context for the current state of the market we take a look at the weekly chart for the first time in awhile. We can see clearly that price is now in the Fibonacci extension area off of the 2013 ATH's which should provide some fairly significant resistance between current levels and [members-only text]. That said, it is not affecting the market yet considering SCMR is still painting [members-only text] bars, candle formations remain [members-only text], and all relevant moving averages continue to support higher prices. The main thing that gives us pause from a price action perspective is the fact that there still isn't any new dynamic support until below [members-only text], however there isn't any new dynamic resistance either which means the run higher is likely not over yet.

As far as momentum and volume are concerned, things remains relatively mixed although not all that much different than they have been for much of 2017. Notice that Willy, RSI, and the Stochastic are all in officially overbought territory now, while MACD extends higher and PPO flashes weak sell signals. On the other hand, trading volumes continue to lean bullish, the A/D line remains in a healthy uptrend, and volume profile is very thin but has been for a few years. Overall, we don't see any pressing reasons to alter [members-only text], although it is important to keep in mind that we are now in a weekly resistance zone that could end up being a regional topping area at some point. That said, all systems are still a go for now, and there is room up to the 200% Fib level around [members-only text], so we are not ready to call a top yet.

Market Summary:

It looks like it will be a nice Spring weekend for most of North America, and we are hoping for the same in the markets. While the overnight rally may seem fairly large in absolute terms, in actuality these moves are getting smaller in terms of percentages (which is what investors really follow) meaning they often need to pull back less than the relatively bigger percentage moves we have been used to in the past. If the market can tread water around current levels, or even retrace a bit to test below the [members-only text] level again, then we will consider another [members-only text] setup. If not, and price simply continues higher without any pullback at all, then we will stay stay patient and wait for a better risk/reward opportunity to re-engage the market.

Point being, enjoy your weekend :-)

Subscribe for Complete Forecast

Posted ProTrade Ideas:

1a.) **Bitcoin ProTrade - Very Short Term [UPDATED on 5/19/2017]**: We will consider a [members-only text] off of the [members-only text] level with a stop around [members-only text] and a target of [members-only text].

1b.) **Bitcoin ProTrade - Very Short Term [ENTERED on 5/18/2017; CLOSED on 5/19/2017 for +2.80% PROFIT]**: We have closed our [members-only text] position off of the [members-only text] level at the intended target of [members-only text].

2a.) **Bitcoin ProTrade - Short Term UPDATED on 5/19/2017]**: We will consider a [members-only text] off of the [members-only text] level with a stop around [members-only text] and a target of [members-only text].

2b.) **Bitcoin ProTrade - Short Term [UPDATED on 5/16/2017]**: 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 5/18/2017]**: 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 [UPDATED on 5/12/2017]**: We will consider a [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 see live trades, complete forecasts, and full charts everyday.
To get your access to our edge: subscribe today.**

0 Comments

Bitcoin Price Report for May 15, 2017

5/15/2017

0 Comments

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

Market Commentary:

This weekend worked out quite nicely for BBA considering we were able to activate the updated ST ProTrade near the lows on Friday and were able to exit near the highs early yesterday morning. Since then the market has retraced as expected back into the mid-1700's $ where price currently treads water as it waits for either a technical or a fundamental catalyst to push it one way or the other. Given the recent action, and the indications we will discuss below, we think we very well could be in a [members-only text] prior to [members-only text], however we cannot rule out an extension to the downside considering how far the market has run so far in 2017. Having said that, the fundamentals appear to be stable for the time being and we see nothing on the charts that is [members-only text], therefore we will continue to follow the game plan of [members-only text] or [members-only text] with tight stops.

6-hour Chart:

Today we shift back to the 6-hour chart for a look at the post-weekend technical setup. We can see that SCMR is undeniably [members-only text] given a [members-only text] bar yesterday following the 1815 $ local highs, and now we have [members-only text] within the pennant formation, while near term market structure continues to come in somewhat bearish. Additionally, we still don't have any new dynamic support until down around the [members-only text] level, there is a substantial volume profile notch between [members-only text], and there is now noteworthy resistance in the ATH supply area. On the other hand, price was rejected out of the upper [members-only text] zone once again thus creating yet another hammer candle and another touchpoint on the pennant, and the Ichimoku Cloud remains firmly bullish, all good signs for more upside eventually.

As far as momentum and volume are concerned, we can see that Willy and RSI are recharging quite nicely while price continues to consolidate, the Stochastic is treading water in no man's land, MACD has stabilized, and PPO is flashing weak buy signals. Additionally, trading volume continues to support [members-only text], as does the A/D line, although volume profile does leave quite a bit to be desired. That said, we see no reason to deviate from a generally bullish bias at this time, especially considering the pennant pattern and the recharging momentum oscillators.

Daily Chart:

The daily chart looks even more mixed than the 6-hour above, however here too we think the action is hinting at what is still a bullish market bias. While price does remain pinned up in the Fibonacci extension area on what is a fairly [members-only text] hodge-podge of SCMR [members-only text] candles, multiple bullish hammer rejections down below this zone make us think that the bulls are still in control (as does the aforementioned pennant). Additionally, market structure doesn't look nearly as bad on this timeframe as it does on the shorter term charts, so we want to wait and see what the market does before [members-only text].

Back to momentum and volume, notice that RSI and the Stochastic have both started to recharge a bit over the past few days, however Willy remains overbought, MACD continues to head lower towards the zeroline, and PPO is still flashing strong sell signals. Conversely, exchanges volumes remain bullish, the A/D line continues to head higher, and volume profile looks decent other than some thin air down to the [members-only text] area (also the previous ATH's). While we are maintaining our bullish bias for the time being given the technicals on both charts today, if price breaks down out of the pennant and below the 50 SMA on volume (both sitting between [members-only text]) then we could be looking at a more significant correction down to test those old ATH's prior to a resumption of the bull market.

Market Summary:

For now we are fine with sitting back and watching the market chop around trying to find near term directionality. Following the successful execution of the weekend ProTrade, we feel comfortable relaxing a bit and letting the market come to us once again rather than trying to chase small returns in a tightening range. Capital preservation and risk management will become paramount until we are clearly trending one way or the other once again, although for the time being we will assume the generally bullish consolidation remains in effect until further notice.

Subscribe for Complete Forecast

Posted ProTrade Ideas:

1a.) **Bitcoin ProTrade - Very Short Term [NEW; ISSUED on 5/15/2017]**: We will consider a [members-only text] off of the [members-only text] level with a stop around [members-only text] and a target of [members-only text].

1b.) **Bitcoin ProTrade - Very Short Term [UPDATED on 5/15/2017]**: We will consider a [members-only text] off of the [members-only text] level with a stop around [members-only text] and a target of [members-only text].

2a.) **Bitcoin ProTrade - Short Term [ENTERED on 5/12/2017; CLOSED on 5/14/2017 for +11.66% PROFIT]**: We have closed our [members-only text] position off of the [members-only text] level [members-only text] at the intended target of [members-only text].

2b.) **Bitcoin ProTrade - Short Term [UPDATED on 5/15/2017]**: 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 5/12/2017]**: 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 [UPDATED on 5/12/2017]**: We will consider a [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 see live trades, complete forecasts, and full charts everyday.
To get your access to our edge: subscribe today.**

0 Comments

Bitcoin Price Report for May 12, 2017

5/12/2017

0 Comments

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

Market Commentary:

Bitcoin is finally getting a much needed "pause that refreshes" following a series of new all time highs throughout the course of this week. Now as we head into a rather unremarkable May weekend, we think it appropriate that the market continue to take a breather in order to find new near term support, and to recharge some still overbought momentum conditions. While we are not yet sure if the bottom of this particular consolidation range is in yet at the 1733 $ local low, if the bears can manage to break that level then the [members-only text] that we have been patiently waiting on for over a week will be squarely in our sights. Even if we are unable to [members-only text], we have issued some new ProTrades that should allow us to [members-only text]. Regardless, it looks to us like overall the bias remains with the bulls for the time being so we continue to [members-only text].

4-hour Chart:

We zoom back into the 4-hour chart to finish off the week as it remains the most informative from a near term perspective. We can see that SCMR is [members-only text] despite the recent weakness down into the mid-1700's $ while market structure continues to come in bullish, and notice the textbook hammer candle bounce out of the upper demand area, OTE long zone, and EMA congestion zone which is a good sign going forward. Also note that the longer term SMA's remain [members-only text] for now, as does dynamic support, all while volume profile builds out fairly nicely above 1500 $. While there very well could be a relatively extended stagnant period over the weekend, overall things appear to [members-only text] from a price action perspective.

As far as momentum and volume are concerned, we can see that the oscillators are finally coming down out of officially overbought territory following days of being pinned up there, although Willy has been slow to move, MACD is below its zeroline, and PPO is still flashing weak sell signals. Additionally, exchange volumes have been mixed recently, although there is nothing to be too worried about, and the A/D line continues to move higher so in fact volume is also in favor of a general continuation of the bullish uptrend at some point. While we cannot rule out [members-only text] given the magnitude of the rally we have seen this week in conjunction with technical indicators that still need some recharging, we are going to be [members-only text] barring some fundamentally negative exogenous event.

Daily Chart:

We'll close the week out in term of analysis with our trusty daily chart which continues to lean bullish, but with some fairly major caveats. Notice that SCMR is [members-only text] while dynamic support continues to [members-only text], although the nearest dynamic level we currently have present is below [members-only text] so perhaps a bit more work to the downside this weekend could help fortify this area. If not, then hopefully we can put in even newer and higher levels in the [members-only text] (although that will take some additional downside testing from here). Additionally, market structure is still bullish, all moving averages continue to stack to the upside, and the Ichimoku Cloud remains positive and is moving higher as well.

Moving on to momentum and volume we can see that Willy, RSI, and the Stochastic are all still pinned in overbought territory, MACD is looking a bit heavy, and PPO continues to flash strong sell signals. However, exchange volumes and the A/D line both still indicate that buying is occurring even at these elevated levels, so overbought momentum might still be indicating strength rather than exhaustion. Throw in a [members-only text] candle today that has yet to paint, in addition to having room to run up to the next Fibonacci extension level above [members-only text], and we think the bias remains to the upside until further notice. That said, we also still think a consolidation is in order so we will assume new ATH's are postponed until [members-only text].

Market Summary:

While we are hopeful that the market can continue to tread water around current levels, or even slightly lower, in order to more fully recharge the momentum indicators on the longer timeframe charts, given the price action we have seen over the past 24 hours in addition to the fact that MSM hasn't really even picked up this story yet makes us think that pullbacks will continue to be shallow and brief. With that in mind we have issued new shorter term ProTrades in order to try to take advantage of [members-only text] opportunities the market might give us over the weekend. Have a good one!

Subscribe for Complete Foreacast

Posted ProTrade Ideas:

1a.) **Bitcoin ProTrade - Very Short Term [UPDATED on 5/12/2017]**: We will consider a [members-only text] off of the [members-only text] level with a stop around [members-only text] and a target of [members-only text].

1b.) **Bitcoin ProTrade - Very Short Term [NEW; ISSUED on 5/12/2017]**: We will consider a [members-only text] off of the [members-only text] level with a stop around [members-only text] and a target of [members-only text].

2a.) **Bitcoin ProTrade - Short Term [UPDATED on 5/12/2017]**: 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].

2b.) **Bitcoin ProTrade - Short Term [UPDATED on 5/12/2017]**: 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 5/12/2017]**: 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 [UPDATED on 5/12/2017]**: We will consider a [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 see live trades, complete forecasts, and full charts everyday.
To get your access to our edge: subscribe today.**

Disclaimer: Please always do your own due diligence, and consult your financial advisor. Author owns and trades bitcoins and other financial markets mentioned in this communication. We never provide actual trading recommendations. Trading remains at your own risk. Never invest unless you can afford to lose your entire investment. Please read our full terms of service and disclaimer at the BullBear Analytics Legal.

0 Comments

Bitcoin Price Report for May 8, 2017

5/8/2017

0 Comments

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

Market Commentary:

Unsurprisingly the market went into consolidation mode over the weekend as overbought technical conditions prevented the bulls from breaking price out to new highs, while a continuation of the supply/demand imbalance kept prices elevated above 1500 $ the whole time. Now price appears to be back to a [members-only text] following a series of rejections down into the low 1500's $ multiple times over the past few days. While BitStamp is still lagging behind the other Western exchanges to an even greater extent now, we think it more likely that Stamp catches up to them rather than them retracing to meet Stamp. This implies that [members-only text] is coming if Finex and Coinbase can stay elevated above 1600 $ for at least the next 24 hours. If so, then new [members-only text] seem like a pretty good bet at some point over the coming days.

6-Hour Chart:

Today we return to the trusty 6-hour chart for a look at the short term technical setup going into what could be another very good week for bitcoin. We can see that market structure is coming in bullish during this pause in the action, while SCMR returns to [members-only text] following some mixed signals in the form of [members-only text] bars and [members-only text] candles. Also note that price has been following the 19 EMA to the upside all weekend acting as support on dips, while the other moving averages continue to stack to the upside thus still confirming [members-only text]. Additionally, the Ichimoku Cloud is still bullish and expanding to the upside, the medium term uptrend line remains intact, and multiple levels of dynamic support continue to build below the market.

On the other hand, momentum remains stretched despite a fairly nice recharge over the first half of the weekend, although MACD and PPO are indicating that perhaps that is all we will get this time around. We can also see that trading volumes are now favoring the bears, the A/D line looks ok but is rolling over slightly, and volume profile remains porous below the market (especially between [members-only text] $). Given the bullish indications we discussed in the paragraph above along with momentum and volume indications that are [members-only text], and we think the path of least resistance continues to be to the upside for the time being.

Daily Chart:

Moving on to the medium term forecast via the daily chart below we can see that price remains in the [members-only text] zone, as well as in a new small supply area created last week off of the ATH. Also note that while the most of the recent candles are still [members-only text] in terms of SCMR, they are also showing rejections above the psychologically significant [members-only text] level creating the beginning of a what could be a bearish topping pattern known as "turtle soup". While this is not a death knell formation by any means, it does signal that we need to reach new ATH's sometime relatively soon or else the bulls will be in jeopardy of [members-only text].

As far as momentum and volume are concerned, Willy and the Stochastic are still extended but have recharged a smidgen over the past few days, however RSI remains officially overbought, MACD is rolling over, and PPO is still flashing strong sell signals. Throw in a languishing A/D line and still porous volume profile down to around [members-only text] and we think the bulls need to get things going soon or else the tide will likely shift back to neutral, or even perhaps [members-only text], as we could then see our first major pullback of the Spring of 2017. While we think that this is unlikely for now, it is certainly a possibility.

Market Summary:

Seeing as though our call for a sideways consolidation over the weekend indeed materialized as price stayed well within the [members-only text] range, we want to stick with our current ProTrade setups due to optimal risk/reward profiles and proper risk management. While it may be tempting to chase price at current levels, there are much more attractive areas both above and below the market that we would rather entertain. For this reason, and the many mentioned above, we will stay patient and ready with dry powder for more favorable [members-only text] setups over the course of this week.

Subscribe for Complete Forecast

Posted ProTrade Ideas:

1a.) **Bitcoin ProTrade - Very Short Term [UPDATED on 5/6/2017]**: We will consider a [members-only text] off of the [members-only text] level with a stop around [members-only text] and a target of [members-only text].

1b.) **Bitcoin ProTrade - Very Short Term [UPDATED on 5/6/2017]**: We will consider a [members-only text] off of the [members-only text] level with a stop around [members-only text] and a target of [members-only text].

2.) **Bitcoin ProTrade - Short Term [UPDATED on 5/6/2017]**: 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 5/5/2017]**: 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 [UPDATED on 5/2/2017]**: We will consider a [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 see live trades, complete forecasts, and full charts everyday.
To get your access to our edge: subscribe today.**

0 Comments

Bitcoin Price Report for May 5, 2017

5/5/2017

0 Comments

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

Market Commentary:

While the unrelenting rally we saw over the first half of this week stalled out yesterday following a new ATH of 1623 $, then subsequently proceeded to quickly and briefly plunge close to 200 $ lower prior to bounce from 1444.96 $, all in all we cannot complain about the price action given it has begun to reset the very extended momentum oscillators that we have been mentioning for awhile. Since the dip, however, the market has bounced back strongly into the mid-1500's $, although it looks to us like the bulls want to try to [members-only text] again already. Seeing as though we now have some new near term support levels to shoot against, in addition to still intact market structure and bullish price action, we think the bias remains with the bulls for the time being.

Having said that, we cannot rule out a sideways consolidation within the newly established [members-only text] trading range throughout the weekend as indicators continue to recharge and price tries to form a bullish pennant, however if Marine Le Pen wins the French election then all bets are off and we likely headed significantly higher. Should be an interesting next few days to say the least.

6-Hour Chart:

To wrap up this first week of May we return to the 6-hour chart for a look at the shorter term technical setup going into a politically uncertain weekend. Notice that the spike lower yesterday following the new ATH precipitated a [members-only text] SCMR [members-only text] bar, normally a worrying sign, however we are already back to [members-only text] now and new dynamic support has formed at [members-only text] (which are also in the new [members-only text] area). We can also see that price appears to be forming a bullish pennant formation as it consolidates gains off of the new ATH, while the EMA's and SMA's all continue to stack to the upside as does the Ichimoku Cloud. Given these indications alone, we have a hard time believing that the rally is over.

For more clarity on whether or not a top is in, we turn to momentum and volume. From a momentum perspective things are still a bit stretched considering Willy and the Stochastic are just now coming down out of officially overbought territory, MACD is approaching the zeroline, and PPO is still flashing strong sell signals. On the other hand we have RSI pulling back nicely, the A/D line continuing to accelerate higher, and price action staying bullish, none of which supports a [members-only text] yet at these levels. Given these conditions, we think a relatively brief continuation of the sideways consolidation is likely prior to visiting [members-only text] which we discuss below.

Daily Chart:

Back to the daily chart for a final look at the medium term setup for this week. The Fibonacci extension area continues to be our main area of focus in terms of resistance, although on this timeframe the selloff from the spike above the [members-only text] level is barely noticeable. That said, this should still be an area of interest going forward until we get through it which would take a breakout above [members-only text] on volume in the not too distant future. Conversely, market structure is still bullish, SCMR continues to paint bright green candles, there is no historical resistance, and volumes remain very supportive of the bull market.

As far as momentum is concerned, Willy and RSI are still pinned in officially overbought territory and PPO is still flashing strong sell signals, however the Stochastic is finally heading lower and all relevant moving averages continue to trend higher in support of the rally. No doubt that we are getting to a point in which an [members-only text] could come at any time, however barring some unforeseen exogenous event over the next few days we think it will be difficult for bears to get any traction until price gets up into the [members-only text] region.

Market Summary:

While it is obvious that we remain firmly in the [members-only text] going into this first weekend of May, as price extends further and further to the upside attractive and executable ProTrade setups become more and more difficult to find. The aggressive nature of the recent gains has meant that retracements into favorable confluence areas have been practically nonexistent which is why we have been issuing and taking [members-only text] plays instead.

Despite the fact that we are puling from that same playbook today, and over the weekend, we want to issue a word of caution that nothing lasts forever so at some point we need to be ready for one of these setups to [members-only text] once a top is actually reached. That said, we see little evidence of this yet so we will continue to [members-only text].

Subscribe for Complete Forecast

Posted ProTrade Ideas:

1a.) **Bitcoin ProTrade - Very Short Term [UPDATED on 5/5/2017]**: We will consider a [members-only text] off of the [members-only text] level with a stop around [members-only text] and a target of [members-only text].

1b.) **Bitcoin ProTrade - Very Short Term [NEW; ISSUED on 5/5/2017]**: We will consider a [members-only text] off of the [members-only text] level with a stop around [members-only text] and a target of [members-only text].

2a.) **Bitcoin ProTrade - Short Term [UPDATED on 5/5/2017]**: 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 5/5/2017]**: 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 [UPDATED on 5/2/2017]**: We will consider a [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 see live trades, complete forecasts, and full charts everyday.
To get your access to our edge: subscribe today.**

0 Comments

Bitcoin Price Report for May 3rd, 2017

5/3/2017

0 Comments

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

Market Commentary:

While the market failed to make another new ATH during the Asia and London sessions earlier today, price has maintained resilience in the face of more ardent sell pressure. Following the 1481 $ local high from yesterday morning, the market proceeded to take a bit of a tumble to the downside reaching a low of 1403 $ prior to bouncing quickly back up into the mid-1400's $. There was also another small selloff overnight which saw price move down to 1431 $, however this one was greeted with much less volume and created a yet another higher low without breaking medium term market structure. Seeing as though the market is currently in a near term consolidation between 1400 - 1500 $ with now even stronger support building below the market, we think the bias remains with the bulls for the time being.

4-Hour Chart:

We are flip-flopping back to the 4-hour chart today as we want to keep the short term views of the action as fresh as possible. Notice that SCMR is still painting [members-only text] candles, albeit the current one is [members-only text] for now, while dynamic support continues to build around the [members-only text] and [members-only text] levels. That said, it is rather discouraging that we didn't get new [members-only text] on the 1403 $ lows, but we suspect that if that area is retested and holds we will get what we want in that regard. Also, all of the relevant moving averages are still trending higher in support of the bull market, market structure remains healthy, and the Ichimoku Cloud continues to push to the upside.

Moving on to momentum and volume, we can see that the oscillators remain overbought (other than RSI which continues to lag), while MACD approaches its zeroline and PPO flashes strong sell signals. Additionally, volumes are beginning to dwindle a bit, the A/D line appears to be hitting some minor turbulence, and volume profile remains porous below the market. Typically this type of extension on the momentum and volume indicators would [members-only text], but for now price action is still supportive of the bull case.

Daily Chart:

So what is the bull case? We turn back to the daily chart for an answer to that question, and for now it still looks like the Fibonacci extension levels hold the key to where we are likely headed ([members-only text] and [members-only text]). Notice that price continues to accelerate to the upside, however is not yet vertical, and has not yet reached what should be the only reference levels for resistance we have left which are [members-only text]. This combined with still bullish market structure and price action, as well as the still intact supply/demand imbalance, will likely push price up to the [members-only text] level at some point over the coming days.

As far as momentum and volume are concerned, everything is now overbought, even RSI, and the moving averages are all extending even further apart. Additionally, volume remains anemic and volume profile is now thinning out below the market. On the other hand, SCMR candles are [members-only text], dynamic support continues to build at multiple levels between [members-only text], market structure remains healthy, and the Ichimoku Cloud is still bullish and expanding to the upside. While this may seem like a hodge-podge of mixed signals (because it is), in the context of the action over the course of 2017 the signal is fairly clear: [members-only text].

Market Summary:

For the time being we are not seeing much on the charts that can stop what is now a full blown bull market rally. In fact, the current pause in the mid-1400's $ reinforces this notion even more as it shows that there is still plenty of demand at these elevated levels. While we would love another shot at a pullback in order to re-engage the market on the long side, we realize that another [members-only text] play might be the most realistic setup given what we have seen over the past few weeks (which is a true reluctance to move low enough to get into [members-only text]).

Subscribe for Complete Forecast

Posted ProTrade Ideas:

1a.) **Bitcoin ProTrade - Very Short Term [UPDATED on 5/3/2017]**: We will consider a [members-only text] off of the [members-only text] level with a stop around [members-only text] and a target of [members-only text].

1b.) **Bitcoin ProTrade - Very Short Term [NEW; ISSUED on 5/3/2017]**: We will consider a [members-only text] off of the [members-only text] level with a stop around [members-only text] and a target of [members-only text].

2a.) **Bitcoin ProTrade - Short Term [UPDATED on 5/2/2017]**: 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].

2b.) **Bitcoin ProTrade - Short Term [UPDATED on 5/1/2017]**: 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 5/2/2017]**: 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 [UPDATED on 5/2/2017]**: We will consider a [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 see live trades, complete forecasts, and full charts everyday.
To get your access to our edge: subscribe today.**

0 Comments

Top recommendations

BITCOIN TECHNICAL ANALYSIS

Bitcoin Price Report for May 22, 2017

Bitcoin Price Report for May 19, 2017

Bitcoin Price Report for May 15, 2017

Bitcoin Price Report for May 12, 2017

Bitcoin Price Report for May 8, 2017

Bitcoin Price Report for May 5, 2017

Bitcoin Price Report for May 3rd, 2017

Reports Archives

BullBear Analytics

Support

Top recommendations

BITCOIN TECHNICAL ANALYSIS​

Bitcoin Price Report for May 22, 2017

Bitcoin Price Report for May 19, 2017

Bitcoin Price Report for May 15, 2017

Bitcoin Price Report for May 12, 2017

Bitcoin Price Report for May 8, 2017

Bitcoin Price Report for May 5, 2017

Bitcoin Price Report for May 3rd, 2017

Reports Archives

BullBear Analytics

Support

BITCOIN TECHNICAL ANALYSIS