Technical Signs Suggest BTC’s Downtrend May Be Stalling

The Daily View for Bitcoin

  • At the time of this writing, BTC’s price is up $102.4 (0.25%) from the day prior.
  • This is a reversal of the price action on the previous day, in which price moved down.
  • From a daily perspective, the market looks fairly choppy; clear trends aren’t showing up 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 $116.65 (0.28%) 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 trend trader, consider that the strongest clear trend on the daily chart exists 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.
  • Divergence alert: Trend in BTC’s price and its RSI are diverging. BTC’s price is declining faster than its RSI.

Below is a daily price chart of Bitcoin.

BTC

The Latest From BTC’s Blockchain

  • Over the past 29 weeks, the trend for BTC’s average transaction value has been choppy and unclear. It has oscillated between 3.7082 and 45.9615.
  • BTC’s daily large transaction count now stands at 22010.
  • BTC has an average transaction value of 16.6533, up 7.94% from its value day prior.

Featured Bitcoin Idea From TradingView

Below is a trading comment entitled Ideas Advise you may find interesting:

Glad i kept TA aside ,Good points and let’s dig a little deep into that! El salvador still accepts USD along with BTC! The GDP of most countries which could potentially follow suit are less than 50B$s and some are in the millions. For instance El Salvador GDP is ~27B$s which won’t even put a dent to USD. Moreover all of this would even matter only if countries start using BTC as a reserve currency! Currency used for daily transactions wouldn’t do much to the value of that currency. Everyone knows this especially the FED’s hence they allowed crypto payments in the mainland too. The top ten countries holding USD as the reserve currency would never switch to BTC and the number one holder is China and we all know by now they definitely won’t ,Also worth noting every country recongnizes holding just USD as a reserve currency won’t be safe against hyperinflation and the likes so they hold gold and …

PaigeHastert