Bitcoin Does it Again: Heads Down for the 3rd Straight Day

The Daily View for Bitcoin

  • At the moment, BTC’s price is down $-63.23 (-0.21%) from the day prior.
  • This is the 3rd day in a row Bitcoin has seen its price head down.
  • If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 day timeframes.
  • Of note is that the 20 day changed directions on BTC; it is now pointing down. The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Bitcoin’s hourly price chart is shown below.

BTC

The Daily View for Bitcoin

  • At the time of this writing, BTC’s price is down $-90.56 (-0.3%) from the day prior.
  • This is the 3rd day in a row Bitcoin has seen its price head down.
  • As for the trend on the daily timeframe, we see the clearest trend on the 50 day timeframe.
  • Of note is that the 20 day changed directions on BTC; it is now pointing up. The moving averages on the daily timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
  • Divergence between BTC’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in BTC’s price.

Below is a daily price chart of Bitcoin.

BTC

The Latest From BTC’s Blockchain

  • Over the past 29 weeks, the trend for BTC’s daily transaction count has been choppy and unclear. It has oscillated between 186834 and 315759.
  • BTC’s daily transaction count now stands at 263641.
  • BTC has a daily transaction count of 263641, down 1.96% from its value day prior.

Featured Bitcoin Idea From TradingView

Below is a trading comment entitled If Bitcoin (BTC) needs to beak key resistance you may find interesting:

Hi friends hope you are well, and welcome to the new update on Bitcoin. Big wedge and a key resistance: On a weekly time frame, Bitcoin is getting bounced from the support of $28600 and the support of a big falling wedge pattern. If Bitcoin breaks out $33K resistance, then there will be a high probability that billions of more dollars will be invested in Bitcoin’s market and this can lead BTC to break out the resistance of the falling wedge pattern as well.https://www.tradingview.com/x/eEHFHtNo/ Short term supports and resistances: On a short-term, hourly time frame, Bitcoin is mov…

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