The Daily View for Bitcoin
- Currently, BTC’s price is up $32.3 (0.09%) from the day prior.
- This is a reversal of the price action on the previous day, in which price moved down.
- 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.
- Price action traders may also wish to note that we see a doji candlestick pattern on Bitcoin. Given that we see downtrend 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.
The Daily View for Bitcoin
- Currently, BTC’s price is up $35.95 (0.11%) 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 trend trader, consider that the strongest clear trend on the daily chart exists on the 50 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.
The Latest From BTC’s Blockchain
- Over the past 29 weeks, the trend for BTC’s daily transaction count has been choppy and unclear. It has oscillated between 186834 and 335411.
- For BTC, its count of active addresses is now at 840612.
- BTC has a daily transaction count of 231623, down 19.26% from its value day prior.
Featured Bitcoin Idea From TradingView
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