BTC/USD Daily Analysis
Price Feed: Bitstamp
Daily Trend Mode: < Bearish, Slight Bounce >
Bollinger Bands: Upper 2,653 / Middle 2,490 / Lower 2,326
(20 bars, 2 Standard Deviations, Simple)
Price Watch: 2,100 - 2,200
Summary
As mentioned in the prior update, rallies will tend to fail and we certainly did, declining to the low of 2,239 and change before bouncing a bit on a slight push higher. While shorter-term this looks good, the Daily still isn't impressed and more importantly my indicators aren't showing anything outside of this being a momentary respite.
It will take a lot more upward movement than this to move the needle on the longer term charts. So, for now I'm treating this like any other bounce after a decline - its likely to fade, and the best positive scenario would be holding the lows and working a bit sideways from here.
Less optimistically we could challenge the recent low and put the price band of 2,100 - 2,200 back on deck - as I mentioned in my prior update.
I've left the lower trend line from the triangle on the chart, as it serves as a general guide of knowing when we've regained a more positive growth story. Until then, it serves more as a warning where price is likely to fade beneath it. I'd love to have better news, but for now we have to deal with the reality of markets going down as well as up.
Stay cool and collected, and 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.