BTC/USD Daily Analysis
Price Feed: Bitstamp
Daily Trend Mode: < Triangle Breakout >
Bollinger Bands: Upper 2,722 / Middle 2,555 / Lower 2,388
(20 bars, 2 Standard Deviations, Simple)
Price Watch: 2,500 / 2,639 (Recent Highs)
Summary
A large portion of crypto traders will be coming back (slowly) after the U.S. Holiday, which should increase volatility a bit.
We had a breakout from the large triangle on the daily, and a subsequent flagging suggesting some limited support around and above 2,500. Not the most enthusiastic of moves, but it certainly beats getting slammed down to the earth.
I'm looking for a general bit of support here, with a careful eye towards the recent highs. Retracing below 2,500 would invalidate my thesis for continued price increases - at least for the short term.
As we wind out of the doldrums, keep in mind that the contracting upper and lower bands of the Bollinger tend to "pinch" in when there is a cooldown of general trading activity. I'd expect this to revert at any moment, as relative calm like we've experienced in the market isn't going to stick around for too much longer.
Longer term trends are still intact, we just have to make some progress here to convince me we've got some staying power.
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