BTC/USD Daily Analysis
Price Feed: Bitstamp
Daily Trend Mode: < Bull, Wedging In >
Bollinger Bands: Upper 3,024 / Middle 2,497 / Lower 1,971
(20 bars, 2 Standard Deviations, Simple)
Price Watch: 2,800 / 2,938
(Resistance Level, Daily High From July 20th)
Summary
So we stand at the edge, peering into the unknown. August 1st just around the corner, and it seems things are a bit more sedate than others have predicted. While a lot of exchanges are on lock-down, there are a few that are still trading and listing both BTC and the alt-coin BCH (BCC is used by another pre-existing coin, BCH is more accurate).
Futures on BCH point to a rather nasty cratering, while BTC is serenely floating along inside a rather large triangle formation on the Daily chart.
This puts the active trading range at a rather wide spread -- anywhere from 2,550 - 2,800. Though I'm not anticipating a large breakout downside. My chips are on the eventual erosion of the 2,800 level so we can get some nice action on the upside. Not a very popular opinion, it seems that everyone is prognosticating doom around the corner.
However, I've learned that sometimes the crowded boat is the least safe option.
Predicting magnitude of price change is very difficult, perhaps even harder than just overall trend prediction, so my stops will have to be pretty wide. I'm looking for upside action on a breakout, with my risk stop under the lower trendline of the current triangle.
Its my read that we're currently flagging out here, and we'll be pushing barriers aside once the full impact of the impending scaling change is taken into account.
Its going to be a rather interesting 24 - 48 hours, so I suggest not taking more risk than you can possibly afford to be wrong on, and having a bit of "dry powder" on the side to jump in if a discounting situation presents itself.
Be safe, and 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.