Bitcoin Price Report for December 2, 2016

Dec 2, 2016 --- (ARCHIVED) Free Reports

Market Commentary (BTC):  

Bitcoin continues its strong and steady rally this Friday morning, reaching a high of 778 $ before pausing to consolidate around current levels.  While there are many positive technical features we could point to that indicate a continuation higher is very likely over the the coming weeks, there are also some signs that we should be relatively cautious around these levels especially given how historically significant this 770 - 780 $ range is.  

For now it appears as though the move higher will persist, perhaps extending another [members-only text] to the upside, however momentum is getting stretched, price is at heavy resistance, and there remains uncertainty from a fundamental perspective (SegWit).  We will no doubt stay [members-only text] in the MT ProTrade regardless of a selloff in the near future, however we are ready to take profits on the VST position considering we are already at our secondary target.

Today we take a look at the daily chart in order to provide some medium term context going into the upcoming weekend.  Notice that price has broken definitively above both the near term ascending triangle formation as well as the medium term cup and handle pattern, both of which signal the potential for substantially higher prices in the not too distant future.  Additionally, SCMR is strictly painting [members-only text] candles while new monthly dynamic support builds around the [members-only text] level, the EMA's are accelerating to the upside, the 200-day SMA continues its uptrend, and we are almost out of the upper supply area.

On the other hand, there are multiple momentum and volume indicators that have us wondering how much juice is left in this near term breakout rally.  We can see that Willy is officially [members-only text], RSI and the Stochastic are quickly getting there, and exchange volumes leave much to be desired.  Not only that, but price is now entering the long term OTE short zone which means that sellers may be tempted to recoup losses as we push further into this region.  That being said, MACD has just crossed the zeroline, PPO remains neutral despite the recent moves higher, the A/D line continues to pick up steam to the upside, all of which tell us that we are likely [members-only text].

Generally speaking we remain bullish on this market, but see no reason to push our luck by extending near term trade targets even higher.  We want to take profits in order to give ourselves a chance to catch a dip to support in the [members-only text] area, if one materializes.  If not, then we are content to remain in the MT ProTrade until we get [members-only text] over the coming weeks. By no means do we think the bull market is over, but risk management is telling us to be cautious here for the time being
Posted ProTrade Ideas:

1.) **Bitcoin ProTrade - Very Short Term [ENTERED @ 727.25 $ on 11/28/2016; CLOSED @ 774.75 $ on 12/2/2016 for +6.53% PROFIT]**:  (a) We have closed our LONG position off of the 727.25 $ level @ 774.75 $ for  +6.53% profit in 5 days.

(b) **[UPDATED on 12/2/2016]**:  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].

(c) **[ENTERED @ 755 $ on 12/1/2016; CLOSED @ 774.75 $ on 12/2/2016 for +2.62%% PROFIT]**:  (a) We have closed our LONG position off of the 755 $ breakout level @ 774.75 $ for  +2.62% profit in less than 1 day.

2.) **Bitcoin ProTrade - Short Term [UPDATED on 12/1/2016]**:  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 12/1/2016]**:  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; UPDATED on 12/1/2016]**:  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 in the [members-only text] area.
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