Bitcoin’s Latest Average Transaction Value Stands At 15.3207

The Daily View for Bitcoin

  • Currently, BTC’s price is up $31.96 (0.05%) from the day prior.
  • This is a reversal of the price action on the previous day, in which price moved down.
  • 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.

Bitcoin’s hourly price chart is shown below.

BTC

The Daily View for Bitcoin

  • Currently, BTC’s price is up $20.63 (0.03%) from the day prior.
  • This is a reversal of the price action on the previous day, in which price moved down.
  • As for the trend on the daily timeframe, we see the clearest trend on the 50 day timeframe.
  • 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 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 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.
  • 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

  • For BTC, its count of active addresses is now at 1039102.
  • Over the past 29 weeks, the trend for BTC’s daily transaction count has been choppy and unclear. It has oscillated between 121538 and 335411.
  • BTC has a daily transaction count of 301025, down 10.25% from its value day prior.

Featured Bitcoin Idea From TradingView

Below is a trading comment entitled Ripple (XRP) Model Price you may find interesting:

An article titled Bitcoin Stock-to-Flow Model was published in March 2019 by “PlanB” with mathematical model used to calculate Bitcoin model price during the time. We know that Ripple has a strong correlation with Bitcoin. But does this correlation have a definite rule?In this study, we examine the relationship between bitcoin’s stock-to-flow ratio and the ripple(XRP) price. The Halving and the stock-to-flow ratio Stock-to-flow is defined as a relationship between production and current stock that is out there.SF = stock / flowThe term “halving” as it relates to Bitcoin has to do with how many Bitcoin tokens are found in a newly created block. Back in 2009, when Bitcoin launched, each block contained 50 BTC, but this amount was set to be reduced by 50% every 210,000 blocks (about 4 years). Today, there have been three halving events, and a block now only contains 6.25 BTC. When the next halving occurs, a block will only contain 3.125 BTC. Halving events will continue until the reward for minors reaches 0 BTC.With each halving, the stock-to-flow ratio increased and Bitcoin experienced a huge bull market that absolutely crushed its previous all-time high. But what exactly does this affect the price of Ripple? Price Model I have used Bitcoin’s stock-to-flow ratio and Ripple’s price data from April 1, 2014 to November 3, 2021 (Daily Close-Price) as the statistical population.Then I used linear regression to determine the relationship between the natural logarithm of the Ripple price and the natural logarithm of the Bitcoin’s stock-to-flow (BSF).You can see the results in the image below:https://www.tradingview.com/x/rA931nAm/Basic Equation : ln(Model Price) = 3.2977 * ln(BSF) – 12.13The high R-Squared value (R2 = 0.83) indicates a large positive linear association.Then I “winsorized” the statistical data to limit extreme values to reduce the effect of possibly spurious outliers (This …

BobRivera990