BTC/USD Daily Analysis
Price Feed: Bitstamp
Daily Trend Mode: < Triangle, Potential Upside Breakout >
Bollinger Bands: Upper 2,727 / Middle 2,538 / Lower 2,349
(20 bars, 2 Standard Deviations, Simple)
Price Watch: 2,400 - 2,600
( Oscillating into a large triangle between this range.)
Summary
A quick update on the Daily situation. (Please disregard the high-low of the current bar, its a graphical glitch in my charting software, however it is a positive "green" bar.)
We've managed to trace another arc towards the lower bounds of the Daily triangle trendlines, and are warbling upward as we speak. There is a probability of an upside breakout from the triangle, but given the large chunk of Bitcoin traders currently doing anything but trading, (U.S. Holiday weekend), it remains a slim chance we get any expansion of volatility here.
However, it does warrant some attention, especially if you are one of those crypto traders that always has one eye on the chart no matter what you're doing. I fully expect some more attempts upward before plateauing or flattening out. Worst case is we have a punch upward and immediately fade back to the 2,400 level.
Better case is a challenge to the upper triangle trendline to a complete breakout.
If you are celebrating the U.S. holiday, all the best, if you are not -- keep an eye on those charts!
(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.