Bitcoin Price Update for January 12, 2017
Market Commentary:
When it rains it pours, and boy has it been pouring on both bulls and bears so far in 2017. We started the year off in a fierce rally that saw price move all the way up from the 600's $ in November to a high of 1140 $ on January 4th. This was a downpour for the bears. Then we saw the market completely fall apart on news of PBOC probings of Chinese bitcoin exchanges which took price from that 1140 $ high all the way down to the 755 $ lows that were put in late yesterday afternoon. This was the storm for the bulls. Now the market is treading water near the lows as traders anticipate more news out of Asia, however the technicals are telling us that this selloff is nearing its completion regardless of any additional potential FUD we might get.
Speaking of the technicals, we want to take a look at the 12-hour and the daily charts in order to get a clearer view of what the medium term is currently trying to tell us. We can see on the 12-hour below that we now have a proper ABC correction in place that was halted by a sweep below the 200-period SMA and the upper trendline, both of which are within the OTE long zone and the intermediate term demand area. Also note that price is still above volume profile PoC, the A/D line has been surprisingly steady, all three momentum oscillators are oversold, MACD is painting a bullish divergence, and PPO is flashing strong buy signals. Conversely, SCMR is still showing red candles, there is no new dynamic support yet, and market structure and price action leave much to be desired for the time being. While there is little doubt that price is now in a confluence area that should provide some buyer support near term, if not a bottom, we still cannot rule out a slight continuation to the downside due to some lingering concerns on the daily chart below.
Moving on to said daily chart, notice that here too we are in an OTE long zone and intermediate term demand area on what are still red SCMR candles and no new dynamic support (although dynamic resistance continues to build between 915 - 920 $). Adding to the medium term uncertainty is the fact that price has yet to test the daily Ichimoku Cloud, the 200-day SMA, or the lower trendline, all of which sit between 675 and 735 $. Throw in the fact that Willy and RSI still have a bit more room to run to the downside, MACD has yet to find a bottom despite heavy declines, PPO is just now getting back to neutral, the A/D line remains elevated, and we have a very small bullish volume divergence.
All in all, none of this is telling us that a resumption of the longer term bull market uptrend should commence anytime in the near future, however all of this is indicating that downside is likely limited from current levels. While we could see a continuation down into the mid to high-600's before a regional low is put in, we would still be buyers of the move even if the market ends up in a sideways consolidation over the coming months. With that in mind, the technical damage done will take some time to heal, but it is not severe enough to jeopardize the longer term bull market that we have had working for over a year now.
GLGT!
Current BBA ProTrades:
1.) Bitcoin ProTrade - Very Short Term: No new VST ProTrades at this time due to heightened market uncertainty and poor risk/reward profiles.
2.) Bitcoin ProTrade - Short Term [UPDATED on 1/12/2017]: We will consider a LONG position on a pullback to the 730 - 750 $ area with a stop around 720 $ and an initial target of 880 $.
3.) Bitcoin ProTrade - Medium Term [UPDATED on 1/12/2017]: We will consider a LONG position on a pullback to the 670 - 690 $ area with a stop around 600 $ and an initial target of 1055 $.
4.) Bitcoin ProTrade - Long Term [ACTIVE; UPDATED on 1/10/2017]: We will stay LONG off of the 480 $ level with a stop around 550 $ and an initial target of 1450 $.
Bitstamp 12-Hour Chart:
Bitstamp Daily Chart:
You should retract this in order to preserve your reputation and apologise to the source.
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The text is a verbatim posting of their paid subscription update from today.
I get the daily price update by Email and I think it's worth sharing
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I believe that violates the terms of your agreement with BullBear Analytics.
I further believe it violates Steemit's plagiarism policies.
This is proprietary BullBear Analytics material. @swisswatcher, you will be reported to Steem for plagiarism and we will cancel your BBA account without refund if this is not removed by the end of the day.
I dont know I dont have any agreement with Bullbear Analytics nor have I ever heard of steemits plagiarism policies.
There was a guy that shared a YouTube Video so I dont see a problem with sharing things I see that is precious.
you literally stole this content from a private newsletter, don't try to wiggle out of it. Copy/pasting and trying to profit from someone else's work is why we have flagging.
If you have access to this material it means you have paid for our services and have agreed to our terms of service. You are currently in violation of those terms. This is a clear legal and ethical violation. If I find out who you are, we will be taking action against you.
Ignorance is not an excuse.
You are violating policies. Choose to continue, or don't. The proper folks have now been informed, you can lie in your own bed.
I'm looking for you...
I have contacts that remember you from BTCJam as a scammer. It's only a matter of time...
Hoang Hai Nguyen. Almost there...
I havent suscribed to your whatever, I get this every time for free, so I just shared it because I think its useful. If I get access to your material for free I dont see a problem that other should get access to that information for free aswell. I have never stole money from anyone, as you can see on BTCJam all debts are paid, you just spreading rumors, for what reason? Nothing but hot air. I get this information every day for free on email. I am on Steemit because of the biggest good FREEDOM, which means no censorship.
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I am pretty sure that you both and nearly everyone uses pictures from finding them on google and editing it, so I dont even see a problem, I am pretty sure you havent contacted the owner of the picture and asked them for permission if you could use that picture. There are so many things out there Music, Youtube ect, that are using things from other people, if you would try to sue everyone that is using your content you just waste your time and your money, it wont get you anywhere. Musicians learned that is even better to get their music for free and earn money through concerts. Basically I dont actually see way to stop people from posting your content that you charge some people money and they share it for free to others. If you have any problem I will not inform people about the recent price change but I also posted that content on other places online that is basically accessable for free online
At the very least you could have credited the author.
Author of it wasnt clear to me until he hinted me on it. I got this report from a friend so I thought it was his, but I guess he also copied it from his suscription, I am going to add the source and probably going to talk to my friend. I heard of cases where people got sued having copied images not from Getty image but were getty image had the copy right. Personally I as cryptoanarchist I would feel honoured if someone spreading and sharing my ideas. Musicians stopped sueing people for using their music, because costs are higher then rewards. Mastering Bitcoin from Andreas is completly under creative commons and it creates more revenue when its open source. Music used to be done the same way like your newsletter only people who paid were aloud to hear it. In todays world that sounds pervert. Copyright is something of the middle age and it doesnt belong in todays worlds. Movies get shared without licence most movies are not viewed from paid people, but the movie makers still make the money. Copyright of books staying for 75 years after person died is completly outdated conventions its not written in stone. Should I get some payment from it then I wouldnt mind giving it to the owner. But wont stop posting it, I rather talk with the author and ask if I can do affiliate marketing for it, because I think the content is pretty good and worth sharing, if people want to donate they can do it
We don't like rewarding plagiarism here. Please don't do it again.