BTC/USD Daily Analysis
Price Feed: Bitstamp
Daily Trend Mode: < Bull, Slow Grind >
Bollinger Bands: Upper 3,079 / Middle 2,539 / Lower 1,999
(20 bars, 2 Standard Deviations, Simple)
Price Watch: 2,800 / 2,938
(Resistance Level, Daily High From July 20th)
Summary
I won't be going into the August 1st event, its been covered elsewhere and in greater detail than I can provide in this space. The net effect on BTC has been negligible. We're trading at roughly the same levels we were from the past update, so there isn't much to add on that front. (The swing from 2,900's to 2,600's isn't a surprise to Bitcoin veterans. We've swung a lot wider in the past.)
We had a bit of follow-through on the 2,800 level, but we've fallen back under so I'm still considering it resistance on the price targets. Overall it looks like a general Bull grind, with plenty of dips to match the swings upwards with a slight positive bias. The upper trendline from the triangle has gone bye-bye, mostly because once a line like that gets violated I tend not to keep them on the chart. They're just guides, not trade initiators.
I'm still moderately bullish even if volatility is still winding in from the recent swing. Worst case on failure would be around ~2,600 - though that may just delay a longer term Bull move rather than end it prematurely. We're still intact on the Daily indicator sets, so I'm going to bide my time and watch things develop.
As you should too, this is the kind of action that lulls new traders into complacency before suddenly breaking away. Don't be the newbie that piles in just because it seems "safe". Always have a risk-stop in place and know your exit before executing a trade.
More in store for sure, so keep those eyes sharp!
Good trading!
(c)2017 by TallTim - This information is provided for educational and informational purposes only. There is no implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any particular purpose. The information contained in this post is not intended to be and does not constitute financial advice, investment advice, trading advice or any other advice. You should not make any decision regarding finance, investments, or trading based on any of the information presented in this post without undertaking your own due diligence and consultation.