Bitcoin Price Report for February 17, 2017

Feb 17, 2017 --- (ARCHIVED) Free Reports

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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