BTC/USD Daily Analysis
Price Feed: Bitstamp
Daily Trend Mode: < Bearish >
Bollinger Bands: Upper 2,768 / Middle 2,563 / Lower 2,358
(20 bars, 2 Standard Deviations, Simple)
Price Watch: 2,400 - 2,600
( Oscillating into a large triangle between this range.)
Summary
What a month June has been. From the heady highs of 2,980 to the crushing lows of 2,120 we've seen a little bit of everything in the past 30 days.
We're currently consolidating in a large triangle on the Daily, which has an implied apex of ~2,500. From our current action it looks like we'll be conforming to this a bit longer, tracing small arcs into next week while a major holiday weekend impacts U.S. trade.
I usually don't have much in the way of trendlines on a chart -- I believe that you should have no more than three, ideally. But with this large structure glaring out from the Daily, it was hard not to define it with a few lines. As always, view any trend lines as general guides, not absolute price predictors.
Since magnitude of price change is difficult, I like to include the Bollinger Bands on my charts. More often than not they tend to capture moves that initiate within a given volatility level.
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