Bitcoin Price Report for October 14, 2016

Oct 14, 2016 --- (ARCHIVED) Free Reports

Market Commentary (BTC):  

Despite the fact that the bitcoin price held up surprisingly well during OKC futures settlement overnight last night, the price action this morning has been uninspiring, if not downright disappointing.  

So far this morning the market spiked up slightly to the 637.50 $ level, although it was quickly slammed back down below 635 $ in short order.  If this happens again over the weekend then this should give the bears the impetus they have been missing to take price back down below 600 $, or at least down to test that region.  [members-only text] 

[members-only text]  We can see on the daily chart below that price remains firmly in the near term OTE short zone sweet spot on very overbought indicators.  Also note that the 9/18 EMA cross is now beginning to stack to the upside, the 200-day SMA remains bullish and supportive, and the A/D line is still moving higher signaling a continuation of the accumulation at these levels.

Conversely, the momentum oscillators are about as stretched as we have seen them in months. The Willy MA is now officially overbought while the signal line starts to roll over, RSI is close to overbought but is pausing for the time being, the Stochastic is unequivocally bearish considering it is extremely overbought and rolling over, and MACD is still struggling to get above the zeroline.

​[members-only text]  Finally, there remains a very significant technical confluence in the 560 - 600 $ area consisting of the near term OTE long zone, the old symmetrical triangle uptrend line, volume profile PoC, the 200-day SMA, and historic SCMR dynamic support.  We would love to see a test of this region to set up the next leg of the rally.

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