BTC/USD Daily Analysis
Price Feed: Bitstamp
Daily Trend Mode: < Bullish, Flagging >
Bollinger Bands: Upper 2,894 / Middle 2,430 / Lower 1,966
(20 bars, 2 Standard Deviations, Simple)
Price Watch: 2,938
(Daily High From July 20th)
Summary
The trendline from our prior triangle has been left in place, and it is rather interesting how it seems to be the lower bound for the flagging behavior we're seeing after the major rally not long ago.
I'm still looking at the recent highs from July 20th as our next target, and we're shedding a bit of volatility while we wind in on a nice flag/pennant on the Daily.
On the Bitcoin scaling implementation, we're currently "locked in" to BIP 91, with BIP 141 on deck. This translates to more confidence by participants, but I am not going to try to backfit this to the price action -- that's the job of talking heads on financial news channels.
(If none of that makes sense, check out my post here - https://steemit.com/cryptocurrency/@talltim/t3c-forkology-helpful-guides-for-august-1st-scaling-event for more details.)
We're more concerned with what price is doing now, and what will happen in the future.
2,600 - 2,900 defines the broad area where we are consolidating. I'd be long here with a stop underneath the lower level for containing my risk. Longer term, we're looking better than we have with the recent resurgence in price. The Daily indicator sets are in Bull mode, and on the Weekly we're looking at another probable impulse upward.
It all translates into rewards for those that weathered the frenetic whipsaw activity that we've had in the last few weeks. Price looks primed to make some serious inroads into making new highs, which would be a welcome change from the first rejection we experienced back in early June of this year.
As always, keep a razor-focus on that ticker and I'll see you on the other side of another update!
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.