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 $-78.15 (-0.13%) from the day prior.
  • The daily chart shows that Bitcoin has seen 2 straight down days.
  • 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.
  • 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 $-113.21 (-0.19%) 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.
  • Regarding the trend, note that the strongest trend exists on the 50 day timeframe.
  • The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

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 large transaction count has been choppy and unclear. It has oscillated between 10710 and 32499.
  • For BTC, its average transaction value is now at 12.2147.
  • BTC has a count of active addresses of 883834, down 3.16% from its value day prior.

Featured Bitcoin Idea From TradingView

Below is a trading comment entitled Bitcoin Trading Decision: The Price is Forming Falling Wedge you may find interesting:

Hey dude, back to cryptodeeper analysis about bitcoin. We was through on October with amazing bull of bitcoin price. Make the new All time high and break the last resistance. But now we still on the consolidation area for make a momentum in the next wave. Lets talk about bitcoin trading decision.Bitcoin’s Price Falling Wedge Forming AnalysisBitcoin’s price falling wedge forming and loss of momentum may cause $60K to become resistance. Despite the $58,000 support retest and the potential of $60,000 shifting to resistance, traders appear to be at ease following a little blip in BTC futures…

cryptodeeper