Bitcoin Has Now Headed Up 4 Out of the Past 5 Days

The Daily View for Bitcoin

  • At the time of this writing, BTC’s price is down $-5.07 (-0.01%) from the day prior.
  • This is the 3rd day in a row Bitcoin has seen its price head down.
  • 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 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 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

  • At the moment, BTC’s price is up $48.23 (0.07%) from the day prior.
  • Bitcoin has seen its price go up 4 out of the past 5 days, thus creating some compelling opportunities for bulls.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart 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 an uptrend on the 20 and 10 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 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’s count of active addresses now stands at 998089.
  • 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 has a daily large transaction count of 29362, up 40.03% from its value day prior.

Featured Bitcoin Idea From TradingView

Below is a trading comment entitled BTCUSD 11/9/2021 you may find interesting:

Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORTI’m not an expert._____ I make some time to post a TA. I hope you learn something.______Bitcoin Technical AnalysisRevised Elliot Wave Countshttps://www.tradingview.com/x/yQrixzy3/Monthly TimeframeFirst of all, congratulation to all of us who bought Bitcoin at below $ 30,000.00 and below $ 40,000.00. I think Bitcoin and the Whole Crypto Market will make another 8 months to 11 months of an uptrend. Recently, Bitcoin is making a new All-Time-High. Second, I made some revisions on my Elliot Wave Counts but am still in favor of the Bulls. You make check the previous Elliot Wave Count in the related ideas section, especially the technical analysis dated February 5, 2021, on Bitcoin. In my revised Elliot Wave Count, we are in Wave 5 (Cycle) of Wave 3 (Super Cycle) of Wave 3 (Grand Super Cycle) as you see in the chart instead of Wave 5 (Super Cycle) of Wave 5 (Grand Super Cycle) in the previous TA. Usually, Bitcoin’s Wave 3 Target is equal to 1.618 Fibonacci (Most of the time) or can be extended more. I noticed that in my previous TA, my Wave 3 is equal to 0.786 Fibonacci or $ 20,906.54. We know that 2017 ATH is at $ 19,666.00. I noticed in Bull rally from 2012 to 2013 and from 2016 to 2017: (1) Wave 3 is equal to 1.618; and (2) Wave 5 is equal to 0.786 (If you try to check it using trend-based Fibonacci Extension). I realized that I have to revise it to make…

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