Bitcoin’s 4 Day Down Streak Comes to an End

The Daily View for Bitcoin

  • At the moment, BTC’s price is up $28.45 (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.
  • From a daily perspective, the market looks fairly choppy; clear trends aren’t showing up 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 time of this writing, BTC’s price is up $31.87 (0.14%) 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.
  • As for the trend on the daily timeframe, we see the clearest trend on the 50 day timeframe.
  • Of note is that the 50 day changed directions on BTC; it is now pointing up. 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 daily large transaction count has been choppy and unclear. It has oscillated between 9705 and 29127.
  • BTC’s average transaction value now stands at 7.4954.
  • BTC has a count of active addresses of 773541, down 3.51% from its value day prior.

Featured Bitcoin Idea From TradingView

Below is a trading comment entitled Bitcoin (BTC) correction_2 you may find interesting:

In the previous analysis of Bitcoin, two major support areas were identified, and we observed how Bitcoin reacted when it reached the first one. Now we can update the chart based on the new candles. Based on the Bitcoin behavior it seems one of two patterns may be forming; a chann…

SaeedSalehinia