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

The Daily View for Bitcoin

  • At the time of this writing, BTC’s price is up $556.89 (0.85%) from the day prior.
  • It’s been a feast for bulls operating on the daily timeframe, as Bitcoin has now gone up 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.
  • Of note is that the 100 day changed directions on BTC; it is now pointing up. 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 up $501.53 (0.77%) from the day prior.
  • This is the 3rd day in a row Bitcoin has seen its price head up.
  • Regarding the trend, note that the strongest trend exists on the 100 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.
  • 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

  • BTC has a daily large transaction count of 21714, down 20.09% from its value day prior.
  • Over the past 29 weeks, the trend for BTC’s count of active addresses has been choppy and unclear. It has oscillated between 507420 and 1317509.
  • BTC’s number of daily new addresses now stands at 410781.

Featured Bitcoin Idea From TradingView

Below is a trading comment entitled Update 2 – BTC break-out you may find interesting:

UPDATE 2: BTC needs to clear the next level at $65,400 (black line). This level was support a week ago (left black box), then became resistance a few days ago (middle black box), and is close to being pierced now (right black box).It’s almost there. Just a little bit further and it should break through to the upside. UPDATE 1: BTC just might be paving a new uptrend (yellow line) after breaking out of the recent triangle (blue). I…

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