Bitcoin is Up for the 3rd Day in a Row

The Daily View for Bitcoin

  • Currently, BTC’s price is up $29.5 (0.07%) from the day prior.
  • It’s been a feast for bulls operating on the daily timeframe, as Bitcoin has now gone up 4 of the past 5 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 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.

Bitcoin’s hourly price chart is shown below.

BTC

The Daily View for Bitcoin

  • Currently, BTC’s price is up $51.18 (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.
  • Regarding the trend, note that the strongest trend exists on the 20 day timeframe.
  • 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 has a number of daily new addresses of 449995, up 4.06% from its value day prior.
  • Over the past 29 weeks, the trend for BTC’s average transaction value has been choppy and unclear. It has oscillated between 5.4593 and 45.9615.
  • BTC’s number of daily new addresses now stands at 449995.

Featured Bitcoin Idea From TradingView

Below is a trading comment entitled Why Bitcoin will hit over 56K you may find interesting:

During the falling wedge , had you notice it formed an interesting cup in handle.. the bulls had been warming up in other words BTCUSD has to punch pass 45K even over.. to keep on bullishness once it done done then the next target will be 52K once then bulls has the full control then we should expect to hit 56K . I know it’s a long run but it seemed like…

Richburst9