Bitcoin Snaps a 6 Day Down Streak

The Daily View for Bitcoin

  • At the time of this writing, BTC’s price is up $10.52 (0.05%) from the day prior.
  • It’s been a feast for bears operating on the daily timeframe, as Bitcoin has now gone down 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.
  • 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

  • At the moment, BTC’s price is up $15.11 (0.07%) from the day prior.
  • Bitcoin has seen its price go down 4 out of the past 5 days, thus creating some compelling opportunities for bears.
  • 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 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

  • Over the past 29 weeks, the trend for BTC’s average transaction value has been choppy and unclear. It has oscillated between 5.6898 and 59.6866.
  • BTC’s daily transaction count now stands at 266968.
  • BTC has a number of daily new addresses of 399305, up 4.48% from its value day prior.

Featured Bitcoin Idea From TradingView

Below is a trading comment entitled BTC ANALYSIS FROM 2011 – 2024 you may find interesting:

Update 3.08.2022Hello everyone, I would like to present what repeatability can be determined in more detail by analyzing the BTC chart, taking into account the 3 halvings we experienced and the fourth which lies ahead.We have a log BTC chart from 2011 to today in front of us.We will start by designating the places where BTC has done its halving, as you can see, the first halving took place in November 2012, the second halving in June 2016, the third halving in May 2020, and we also mark the halving which should be in June 2024 .On the other hand, we mark the middle between the halves with white lines.We will use a green box to mark the gaps between the edible and the other half so that we can see this space and repetition more clearly.For the analysis, we will use the blue lines which represent the way btc moves, one line indicates the lowest price points, and we can see that btc touches the line repeatedly, and in the same way we can mark the places where price has reached its ATH.It is worth noting that with the first halving, btc fell by about 86% from its ATHon the second halving he was down a…

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