Bitcoin Snaps a 4 Day Up Streak

The Daily View for Bitcoin

  • At the moment, BTC’s price is down $-183.77 (-0.33%) from the day prior.
  • This move is a reversal from the day prior, which saw price move up.
  • As for the trend on the daily timeframe, we see the clearest trend on the 100 day timeframe.
  • 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 time of this writing, BTC’s price is down $-115.45 (-0.21%) 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.
  • 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.

BTC

The Latest From BTC’s Blockchain

  • Over the past 29 weeks, BTC’s count of active addresses has been in a clear downtrend, falling by about 1624.74 per day.
  • BTC’s number of daily new addresses now stands at 480151.
  • BTC has a number of daily new addresses of 480151, up 11.51% from its value day prior.

Featured Bitcoin Idea From TradingView

Below is a trading comment entitled Bitcoin Hits New High; What Is Driving This Great Bitcoin Rally? you may find interesting:

Now, let’s look at the charts and what it has to say.First, we came back 1st October with a prediction that Bitcoin will become bullish and strong.We later wondered about the future, where will Bitcoin be in 10 years? Will it be $1,000,000, $2,500,000, $50,000 or more?I believe that we will see a 100T (Trillion) market capitalization for Bitcoin soon enough… But let’s get back to the present day, how much higher can prices go? Daily Bitcoin Chart Analysis With @alansantana Today we have a new high for BTCUSD.Hitting a new high is a very good/strong bullish signal.This is the highest price level Bitcoin hits since May 2021.We had a strong correction take place starting 12-May and now the price has fully recovered and we have really good strength. What is driving this rally? Very strong fundamentals; …

AlanSantana