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)
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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Thanks for the update!