BTC/USD Daily Analysis
Price Feed: Bitstamp
Daily Trend Mode: < Low volatility doldrums >
Bollinger Bands: Upper 2,721 / Middle 2,562 / Lower 2,403
(20 bars, 2 Standard Deviations, Simple)
Price Watch: 2,639
(All that matters now is busting through and keeping it there.)
Summary
We had our breakout, but its all been rather flat ever since. I still think we have a chance for further positive price movement. My thesis would be invalidated if price breaks below 2,500 and stays there more than a few hours. We've seen a few feints down toward the lower bollinger on the intraday, so its a bit restless and still tightening on the envelopes.
The real breakout still needs to materialize. You could chalk it up to caution ahead of the scaling implementation of segwit, but I'm loathe to assign news to specific market movements. That's something that the financial news channels love doing, but there's really no evidence of causation.
So we wait. This is one of those difficult times being a trader when there isn't a lot of action. You need to stick to your plan and not succumb to the lure of putting on a trade "just because". It sounds silly in retrospect, but I've been guilty of it and many other traders have done the same.
Sit tight, watch the spring coil in.... until next time, 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.