Bitcoin Does it Again: Heads Down for the 4th Straight Day

The Daily View for Bitcoin

  • At the time of this writing, BTC’s price is down $-27.9 (-0.12%) from the day prior.
  • It’s been a feast for bears operating on the daily timeframe, as Bitcoin has now gone down 5 of the past 5 days.
  • From a daily perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 day timeframes.
  • Price action traders may also wish to note that we see a doji candlestick pattern on Bitcoin. Given that we see downtrend on the 10 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • 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

  • Currently, BTC’s price is down $-27.9 (-0.12%) from the day prior.
  • Bitcoin has seen its price go down 4 out of the past 5 days, thus creating some compelling opportunities for bears.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 20 day timeframe.
  • Price action traders may also wish to note that we see a doji candlestick pattern on Bitcoin. Given that we see an uptrend on the 20 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 5 daily candle timeframe, so the meaning of the candles may require further exploration.
  • 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.
  • 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

  • For BTC, its average transaction value is now at 7.7585.
  • Over the past 29 weeks, the trend for BTC’s daily transaction count has been choppy and unclear. It has oscillated between 199369 and 315759.
  • BTC has a number of daily new addresses of 370850, down 14.68% from its value day prior.

Featured Bitcoin Idea From TradingView

Below is a trading comment entitled If BTC breaks $24k, it’s straight going to $30k you may find interesting:

Bitcoin needs to break $24k, and then we’ll get a nice summer relief rally. As I posted earlier, according to my analysis, bitcoin has set a bottom around the 0.618 Fibonacci retracement. To date, bitcoin has failed to break the $24k resistance point, although it has made several attempts to do so. 24k is an important point, as it is the 0.5 Fibonacci retracement of the impulsive wave from July 2020 to April 2021. If Bitcoin breaks this point, it is l…

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