Momentum Reversal? Bitcoin’s Heads Down for the First Time in 3 Days

The Daily View for Bitcoin

  • At the moment, BTC’s price is down $-225.73 (-0.44%) from the day prior.
  • This is a reversal of the price action on the previous day, in which price moved up.
  • Regarding the trend, note that the strongest trend exists on the 100 day timeframe.
  • 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.

Bitcoin’s hourly price chart is shown below.

BTC

The Daily View for Bitcoin

  • At the moment, BTC’s price is down $-244.24 (-0.47%) 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.
  • 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.

Below is a daily price chart of Bitcoin.

BTC

The Latest From BTC’s Blockchain

  • Over the past 29 weeks, BTC’s number of daily new addresses has been in a clear downtrend, falling by about 730.16 per day.
  • BTC’s daily large transaction count now stands at 22329.
  • BTC has an average transaction value of 13.8202, down 15.65% from its value day prior.

Featured Bitcoin Idea From TradingView

Below is a trading comment entitled This Indicator just went long BTC for the first time since July! you may find interesting:

We’ve cleared this supply on BTC and are now looking for that upper level level at 52k after the first BTC long signal since July on the 1DThe big round number that is $50,000 tends to hold a level of important psychologically with traders (Think 10k, 20k, 30, 60k for the first time.. and how that played with emotions). That’s why despite the structure to t…

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