Careful Traders — Bitcoin Price Maybe Overheating

The Daily View for Bitcoin

  • Currently, BTC’s price is down $-15.26 (-0.05%) from the day prior.
  • This is a reversal of the price action on the previous day, in which price moved up.
  • As for the trend on the daily timeframe, we see the clearest trend on the 100 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 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 down $-8.38 (-0.03%) from the day prior.
  • Bitcoin has seen its price go down 8 out of the past 10 days, thus creating some compelling opportunities for bears.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists 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 downtrend on the 20 and 10 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 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.
  • 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

  • BTC has a daily transaction count of 262683, down 6.07% from its value day prior.
  • Over the past 29 weeks, BTC’s daily large transaction count has been in a clear downtrend, falling by about 44.95 per day.
  • BTC’s daily large transaction count now stands at 24735.

Featured Bitcoin Idea From TradingView

Below is a trading comment entitled BTCUSD Bitcoin : Rise from the ashes or fade away? Why and how you may find interesting:

Let’s shut down negative thinking and look at facts, fundamental and technical facts, which is what makes analysis. Fundamental – Bitcoin is an alternative to the stock market, USD, bonds and Gold. What advantage does Bitcoin have over the others? 1) Limited supply, endless demand2) Payment solution to beat aged payment services in speed and bureaucracy 3) Security of funds is absolute due to Blockchain 4) Bitcoin is a natural hedge to inflation , which may be long-term with what’s currently happening.5) Diversification king. Diversified portfolios must include the coin. And more. Now let’s look technically. 1) Convergence of 3 critical support trend-lines long-term around 25,000. *March 2020 – Today*Jan 2021 – Today*September 2021 – …

Exactus