BTC/USD Daily Analysis
Price Feed: Bitstamp
Daily Trend Mode: < Bullish >
Bollinger Bands: Upper 3,088 / Middle 2,603 / Lower 2,118
(20 bars, 2 Standard Deviations, Simple)
Price Watch: 2,938
(Daily High From July 20th)
Summary
Round and round it goes. We're back up after a short bit weaker, lower trendline providing a decent visual guide as we ascend slowly up the hill. That isn't to say there won't be stumbles along the way, but the overall trend is encouraging. Some may see a triangle formation on the Daily, but at this point I consider the "top line" a bit too messy so I'm not bothering to draw it.
After the non-event of August 1st, Bitcoin is moving along and doing what it does best -- not caring what others think of it. In trading news, the Chicago Board Options Exchange (CBOE) will be listing contracts on Bitcoin, which will provide commercial vendors the ability to hedge against volatile moves.
Some are heralding this as another "end of Bitcoin", but I disagree. I have financial experience, and not just from sitting in front of a keyboard and screen. Actual trading floor experience. And I can tell you that once Bitcoin gets listed on any exchange, then others will follow suit out of competition for listing the contract. This is a good thing.
Back to prices, we're banging up again on the 2,900 level on the way to the recent high. We'll most likely get a rejection on this level before fighting through it, so be prepared for a bit of slumping after hitting this psychological barrier. The best we've been able to reach is 2,862 and change from ~4 hours ago, so there's more action to come.
Stay alert and watch for those breakouts!
Good trading!
(I'd also like to add that my posting schedule for Daily analysis may change a bit to suit market conditions -- its not very productive to focus on every wiggle in a major trend. I'll be adjusting this a bit going forward. Thank you for your understanding.)
(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.