Bitcoin’s 6 Day Down Streak Comes to an End

The Daily View for Bitcoin

  • Currently, BTC’s price is up $79.9 (0.3%) 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 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 time of this writing, BTC’s price is up $86.47 (0.33%) 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.
  • Regarding the trend, note that the strongest trend exists on the 50 day timeframe.
  • 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.

Below is a daily price chart of Bitcoin.

BTC

The Latest From BTC’s Blockchain

  • For BTC, its average transaction value is now at 9.6316.
  • Over the past 29 weeks, the trend for BTC’s number of daily new addresses has been choppy and unclear. It has oscillated between 322140 and 907493.
  • BTC has a daily transaction count of 230002, down 12.16% from its value day prior.

Featured Bitcoin Idea From TradingView

Below is a trading comment entitled BTC, DXY, TNX – The Bear Market you may find interesting:

Hello friends,Today I want to share some prior posts of BTC (Bitcoin), DXY (US Dollar Index) and TNX (10 Year Treasury Yield) that show how I came to my conclusion to liquidate my crypto and stock positions in December 2021 and share the same concerns with my community since November 2021. From this point, I still personally feel we have more downside to go in the crypto, stock, metals, and commodity markets.Each of the charts below can be clicked on and viewed separately. I would recommend reviewing and understanding the charts and learning the indicators and oscillators. @TradingView is very useful and I recommend everyone learn to chart and understand the charts. https://www.tradingview.com/chart/DXY/6fThMvxL-DXY-Dollarindex-Monthly-View/ https://www.tradingview.com/chart/DXY/nbxG3gd4-DXY-US-Dollar-Index-Forecast-Bullish/ https://www.tradingview.com/chart/BTCUSD/nNqLRW…

CRYPTOPICKK