BTC/USD Daily Analysis
Price Feed: Bitstamp
Daily Trend Mode: < Bull, Sideways Grind >
Bollinger Bands: Upper 2,912 / Middle 2,435 / Lower 1,957
(20 bars, 2 Standard Deviations, Simple)
Price Watch: 2,675 / 2,938
(Trendline price, Daily High From July 20th)
Summary
Its been a rather slow grind for the last twenty-four hours, with the lower price threshold of 2,400 holding a recent probe downward. Volatility is winding in, which is common after more energetic moves. (Up or down.) The Daily indicator sets are still in Bull mode, but we don't have much to show for it just yet.
The meandering price movement could be explained by people hunkering down for the August 1st scaling event. Most guides online and many exchanges are recommending that people "sit tight" and don't transact much leading up to the change window.
This also coincides with the general tendency of volatility to react in the opposite direction of its prior event. In this case, the decline two days ago was our "action", and now we're slowly ticking our way through the straits of doldrum cove, with our sails luffing and not much but a single hand in the water - wishing for more wind.
We may get that request, but it would have to take form in the first price target, which is the new descending trendline from the July 20th high. As a guide, I'd like to see price achieve this level and more importantly - hold it. Then we can analyze and anticipate challenging the recent highs.
While events may be a bit boring, don't succumb to the temptation to put on a trade "just because". That's one sure way to pay "market tuition" in the form of losses.
Sit tight and watch those charts. More in store, for sure.
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.