Bitcoin is on a Tear — Due for a Pullback?

The Daily View for Bitcoin

  • At the time of this writing, BTC’s price is up $29.43 (0.1%) from the day prior.
  • The daily chart shows that Bitcoin has seen 2 straight up days.
  • As for the trend on the daily timeframe, we see the clearest trend on the 100 day timeframe.
  • Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on Bitcoin. Given that we see downtrend 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Bitcoin’s hourly price chart is shown below.

BTC

The Daily View for Bitcoin

  • At the moment, BTC’s price is up $48.51 (0.17%) from the day prior.
  • This move is a reversal from the day prior, which saw price move down.
  • As for the trend on the daily timeframe, we see the clearest trend on the 20 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 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
  • Divergence alert: Trend in BTC’s price and its RSI are diverging. BTC’s price is declining faster than its RSI.

Below is a daily price chart of Bitcoin.

BTC

The Latest From BTC’s Blockchain

  • For BTC, its daily large transaction count is now at 22328.
  • 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 has a daily transaction count of 279658, up 0.05% from its value day prior.

Featured Bitcoin Idea From TradingView

Below is a trading comment entitled Bitcoin – A word of caution and possibility of freefall you may find interesting:

Like the rest of the market, Bitcoin also enjoys a relief rally after the prolonged period of selling pressure. Meanwhile, we again started to notice a revival in bullish sentiment accompanied by calls for BTC bottom, trend reversal, and new sky-high prices. However, we resist these calls and remain bearish on Bitcoin, although we acknowledge that the rally might get prolonged for a little longer. Despite that, we watch ominous developments on the chart of Bitcoin. First, several indicators retraced from an oversold condition (on the daily time frame); however, at the same time, BTC failed to make new highs. Second, we start to worry about the absence of any significant support below the 28 600 USD price level. Indeed, we speculate that if this level is penetrated to the downside, then extreme selling pressure is due to follow. Therefore, we voice a word of caution to the investors. Illustration 1.01 ht…

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