T3C - Bitcoin Technical Analysis - July 9th 2017

BTC/USD Daily Analysis

Price Feed: Bitstamp

Daily Trend Mode: < Winding In, Potential Bullish >

Bollinger Bands: Upper 2,719 / Middle 2,558 / Lower 2,396
(20 bars, 2 Standard Deviations, Simple)

Price Watch: 2,500 - 2,600
(Winding in within this range)

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Summary

Some re-draw their trendlines when price goes through them. I am leaving my triangle up on the chart just to see how price evolves past my expectations. We've broken out of that formation in a strict technical sense, but volatility is still low which suggests we keep winding in for just a bit longer.

There remains a probability of higher action still, as we managed to survive yet another probe of the 2,500 level without too much carnage. There are simply not that many people actively trading at the moment, which could be attributed to a number of factors. But I believe that this will change.

The Bollinger Bands have been contracting and are pretty tight for the Daily, Only a 300 point range between the upper and lower bands. It can go even lower in terms of width, but I think we'll get some kind of action before the coming week is concluded.

Until then, I'd be cautiously long with a stop under 2,500 to avoid getting "hunted" and taken out of the game.

Keep watching, should be interesting when we finally break out of this sleepy pattern!

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(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.