The Daily View for Bitcoin
- At the time of this writing, BTC’s price is up $79.29 (0.15%) 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 100 day timeframe.
- Price action traders may also wish to note that we see a doji 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.
The Daily View for Bitcoin
- At the moment, BTC’s price is up $65.5 (0.12%) 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 100 day timeframe.
- Price action traders may also wish to note that we see a doji 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 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.
The Latest From BTC’s Blockchain
- BTC has a number of daily new addresses of 424075, down 11.68% from its value day prior.
- Over the past 29 weeks, BTC’s count of active addresses has been in a clear downtrend, falling by about 1600.41 per day.
- BTC’s number of daily new addresses now stands at 424075.
Featured Bitcoin Idea From TradingView
Below is a trading comment entitled BITCOIN UPDATE you may find interesting:
Bitcoin finally hit the upper resistance line 55988k on this chart. Which I was talking about. So the question now is are we going to break the resistance line or is bitcoin going to close this candle around 50970?. Well if you have been following my post, I said bitcoin is following a fractal pattern of 2013 bull cycle top. But If you are just viewing this post you can check my previous two other post I posted before this and you will understand what I am talking about.So let take a look at the 2013 bull cycle top, as you can see from the arrow the price also hit the top line resistance in 2013 but…