BTC/USD Daily Analysis
Price Feed: Bitstamp
Daily Trend Mode: < Bearish >
Bollinger Bands: Upper 2,695 / Middle 2,450 / Lower 2,204
(20 bars, 2 Standard Deviations, Simple)
Price Watch: 2,000 / 1,850
(Low from May 27th, 2017)
Summary
Into every chart some red must fall.
As suggested in the prior update, the bears have control and pushed price down beyond my estimate of 2,100 - now hovering around 2,030's. I wish I could say that this is it, but with my indicators on several timeframes in Bear mode, this will not be the case.
About the best you can expect is some consolidation around this level, but it doesn't rule out another "leg" down to new lows. I've updated my price targets to reflect this probability. While most will attribute this to the impending August 1st event that will determine Bitcoin scalability, I'd prefer not to backfit news to market events.
The shorter-term outlook implies a bit of retrenchment, the Daily is still rather bloody and I'd be fading any rallies that happen here just on principle. We may get a chance to dig out, but I wouldn't try to "catch the knife" just yet. Some of the more aggressive traders may attempt buying with a sell-stop under 2,000 -- but that is only for those that can't bide their time.
I prefer to see how this works out, so I'll be watching the charts to indicate a solid price level has been reached before buying in again.
Be careful, volatility has spiked on this decline - so have a trading plan before putting anything on. Its dangerous out there.
Keep your head 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.