Bitcoin Does it Again: Heads Up for the 2nd Straight Day

The Daily View for Bitcoin

  • Currently, BTC’s price is up $71.79 (0.15%) from the day prior.
  • This is the 3rd day in a row Bitcoin has seen its price head up.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 100 day timeframe.
  • Of note is that the 50 day changed directions on BTC; it is now pointing up. 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.

Bitcoin’s hourly price chart is shown below.

BTC

The Daily View for Bitcoin

  • Currently, BTC’s price is up $57.78 (0.12%) from the day prior.
  • It’s been a feast for bulls operating on the daily timeframe, as Bitcoin has now gone up 4 of the past 5 days.
  • Regarding the trend, note that the strongest trend exists on the 100 day timeframe.
  • 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.

Below is a daily price chart of Bitcoin.

BTC

The Latest From BTC’s Blockchain

  • BTC’s daily transaction count now stands at 259961.
  • Over the past 29 weeks, BTC’s count of active addresses has been in a clear downtrend, falling by about 1720.24 per day.
  • BTC has an average transaction value of 12.3491, down 23.23% from its value day prior.

Featured Bitcoin Idea From TradingView

Below is a trading comment entitled BITCOIN IS BECOMING A TECHNICAL ANALYST NIGHTMARE you may find interesting:

Many are drawing their lines and placing their curves to no avail. They are backtracking with each bearish sentiment. BTC will have up’s and down’s.. we all know that. We have had volatility of 10-20k for some time. That will probably only get worse. WHY?80.5% of bitcoin in circulation is in diamond hands. So when you only have 19.5% of 18,780,000 bitcoin being traded…what do you expect to happen. There is 3,192,600 bitcoin left to mine between now and 2030. That will be 97% of BTC that can be …

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