BTC/USD Daily Analysis
Price Feed: Bitstamp
Daily Trend Mode: < Bull, Pennant Stumble >
Bollinger Bands: Upper 2,923 / Middle 2,440 / Lower 1,957
(20 bars, 2 Standard Deviations, Simple)
Price Watch: 2,938
(Daily High From July 20th)
Summary
Bit of a stumble and a skinned knee on the market today.
While this recent action would've taken out my conservative stop from last update - I'd still be shopping for prices to load up on, given that the Daily and longer term indicator sets haven't wavered much. I'm not alarmed by the retrace, low volatility periods tend to lead to more active price movement.
After this feint towards the middle bollinger on the Daily, I'm still looking to regain old ground and make a try in the coming days for the older high that brought us up here. There's a lot of back-and-forth at the moment between bulls and bears, which results in flagging formations and breakout bars like these.
Do-or-die for me would be below the middle Bollinger level, currently at 2,440. It would take a lot to depress us to that level, so I don't think it is currently likely.
In any event, there's always bound to be a bit of wobble from A to B, and we're in a rather turbulent period in Bitcoin history. A lot of people are adopting a "wait and see" attitude towards the scaling event on August 1st, so the usual participants in the exchanges may be more reserved - which allows for low volatility moves like these to get rolling.
Keep your head up and eyes alert, there's more action to be had.
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.