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

The Daily View for Bitcoin

  • At the moment, BTC’s price is down $-30.01 (-0.1%) from the day prior.
  • This is a reversal of the price action on the previous day, in which price moved up.
  • 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

  • At the time of this writing, BTC’s price is down $-20.46 (-0.07%) from the day prior.
  • It’s been a feast for bears operating on the daily timeframe, as Bitcoin has now gone down 4 of the past 5 days.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 100 day timeframe.
  • 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 count of active addresses has been choppy and unclear. It has oscillated between 703687 and 1188324.
  • For BTC, its daily transaction count is now at 261597.
  • BTC has a number of daily new addresses of 408444, up 1.62% from its value day prior.

Featured Bitcoin Idea From TradingView

Below is a trading comment entitled BTC BITCOIN USD : EXPANDED FLAT CORRECTION OVER, TARGET $200K+ you may find interesting:

BTC BITCOIN USD I did another fractal chart. I found a fractal from October 2017 that is almost identical to the current fractal except for its type of flat correction, either way they are both flat corrections. Flat corrections in an uptrend (this fractal is on the macro scale so we are in an uptrend) usually result in a violent fast move up after the correction is over. I believe the correction is over on this flat because we have bottomed out on a major support line. If we didn’t have this major support around $30k then we probably would drop to about $20k to find the bottom of the correction but $30k is super strong support and has been since January 2021. It was tested again in June 2021 and now tested once more, holding quite well. If we were going to break it then we would have by now. No sellers left, retail bears dumped their bags hoping for a bottom in the lower $20k range which will not happen. Retail dumped their bags on institutional investors who bought it all up. Institutional money cant just go in and buy up everything available on exchanges and over the counter because then the price would be astronomical and it would get there in a week if they did that, then no one would se…

bitgolder