Bitcoin Enters Today Down -0.02%

The Daily View for Bitcoin

  • At the time of this writing, BTC’s price is down $-4.18 (-0.01%) 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.
  • 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 pin bar 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.
  • 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 moment, BTC’s price is down $-8.25 (-0.02%) from the day prior.
  • This move is a reversal from the day prior, which saw price move up.
  • Regarding the trend, note that the strongest trend exists on the 20 day timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Bitcoin. Given that we see downtrend on the 20 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • Of note is that the 50 day changed directions on BTC; it is now pointing down. 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

  • BTC’s number of daily new addresses now stands at 434975.
  • 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 1195964.
  • BTC has an average transaction value of 31.7066, up 35.45% from its value day prior.

Featured Bitcoin Idea From TradingView

Below is a trading comment entitled Bitcoin long term bullish trend you may find interesting:

it looks like bitcoin is on a bullish ascending channel where it formed a falling wedge on the short term. if the fed meeting today is positive for bitcoin then we can go up 102% for bitcoin before going down. if we break the lon…

andrevj2000