BTC/USD Daily Analysis
Price Feed: Bitstamp
Daily Trend Mode: < Bull, Flagging >
Bollinger Bands: Upper 2,974 / Middle 2,461 / Lower 1,947
(20 bars, 2 Standard Deviations, Simple)
Price Watch: 2,800 / 2,938
(Resistance Level, Daily High From July 20th)
Summary
Just a bit of excitement, in the form of a push through the descending trendline - which is positive, in my book. We're now flagging out, which usually consists of varying smaller declines and rallies confined within a prior range. Roughly 2,700 - 2,800 is in play now, and because there's a bit of a pile resting at 2,800 it is going to take a bit to work through it.
On a Daily basis the price action is still in Bull mode, and the indicator sets are aligned across the Weekly and longer term horizons. We do seem to be doing the typical Bitcoin price discovery move, which is a good portion of meandering after a larger rally - which is a bit frustrating to those that are looking for a more rapid appreciation in price.
We're also heading into the final days and hours until August 1st, the scaling proposals that will be battling it out for final supremacy. The price action so far seems to not be too concerned with the outcome, but I'm sure we'll get some kind of volatility expansion when the bell finally tolls.
Until then, I'm comfortable with where we are and fully realize that it takes time to "wind up" on another move, even if we're wishing for green right away.
Stay on target and stick with your plan.
Good trading!
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