Bitcoin Enters Today Up 0.01%

The Daily View for Bitcoin

  • At the time of this writing, BTC’s price is up $6.51 (0.02%) from the day prior.
  • The daily chart shows that Bitcoin has seen 2 straight up 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.
  • 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.
  • 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 $1.91 (0.01%) from the day prior.
  • This is a reversal of the price action on the previous day, in which price moved down.
  • Regarding the trend, note that the strongest trend exists on the 50 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.
  • 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

  • Over the past 29 weeks, the trend for BTC’s daily transaction count has been choppy and unclear. It has oscillated between 186834 and 335411.
  • BTC’s count of active addresses now stands at 872482.
  • BTC has a count of active addresses of 872482, down 8.4% from its value day prior.

Featured Bitcoin Idea From TradingView

Below is a trading comment entitled BITCOIN HOLDING ASCENDING CHANNEL you may find interesting:

As you can see currently we have held our ascending channel again with another higher low. With the main channel its in (bold white lines) being as small as it is, its giving bitcoin the ability to fully cool off all indicators and oscillators while moving price action upwards still giving a bullish divergence. As you can see, there another long term trend line i have that we have been finding bottom with too that line stems back from the first candle of the last market cycle that took us from about $153 up to $19,750. Which if you ask me, holding a 7 year old trend line that primarly has been tested a support and also starting the last market cycle bull run. That’s a confirmation of a strong bitcoin bull.Because i have been hearing more talk about this recently… For all those that think Bitcoin is going to drop down to $28k or even lower than that… 1. HYPOTHETICALLY SPEAKING, to complete a bear flag here (despite all the bullish indications i am about to give) an extrapolated move measured from the $69.9k top down to the wick low of $32.8k , this equates to a move of -51.50%. Which when extrapolated to the recent high of $45k and extended downward would leave us at $23.5k. But for this type of move downward to occur we would be looking at a black swan event that would be like Bitcoin mining being banned in the EU and in the US which would leave miners with very little options on where they can go to mine. But this kind of event could substantiate the extrapolated price movement.Any other catalysts that are plausible to make a “black swan-like” price movement event would be something that is so detrimental to bitcoin that it would be a “Going to $0” catalyst.So there is a very small chance if we have one of the few possible scenarios that is a catalyst that creates a market move such as it did from April 2021 though July 2021 when China made its multi-step move to Ban Bitcoin in every way it was able.. THAT COULD PUSH PRICES DOWN AT MAX ANOTHRR 51.5%.BUT THIS IS STILL HIGHLY UNLIKELY.We wont be going back to or below $28k because..2. There is no such technical pattern known as a Triple Bottom, such a pattern would be a double bottom breakout failure into a first re-test. If that re-test is a higher low, you can look for a higher low pattern upward from there. If the re-test in the range of exactly the double bottom (within a few hundered pts) then you would be looking at a very weak bull and has a high probability of dead cat bouncing off then botto…

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