The Tide May Be Shifting for Bitcoin as it Crosses Above Its 200 Day Moving Average

The Daily View for Bitcoin

  • At the moment, BTC’s price is up $137.17 (0.31%) from the day prior.
  • This move is a reversal from the day prior, which saw price move down.
  • Regarding the trend, note that the strongest trend exists on the 100 day timeframe.
  • 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 moment, BTC’s price is down $-1946.68 (-4.23%) from the day prior.
  • This move is a reversal from the day prior, which saw price move up.
  • As for the trend on the daily timeframe, we see the clearest trend on the 50 day timeframe.
  • Regarding moving averages, it should first be noted that price has crossed the 200 and 50 day moving averages, resulting in them with price now being below them. 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

  • BTC’s daily transaction count now stands at 192691.
  • Over the past 29 weeks, BTC’s number of daily new addresses has been in a clear downtrend, falling by about 997.15 per day.
  • BTC has a count of active addresses of 714327, down 16.81% from its value day prior.

Featured Bitcoin Idea From TradingView

Below is a trading comment entitled Bitcoin Discount Almost Over? New Signal Developing… you may find interesting:

The price drop on 7-Sept. was a strong one, we saw the Bitcoin bears jump in with full force…But we are wiser than that, we know this market is generous, the drop we consider as an opportunity to Buy & Rebuy – Cryptocurrency Market Update | New Buy Opportunity For Altcoins , Bitcoin is moving back up.We now know that this drop was caused by the liquidation of many longs… Us, Bitcoin buyers and supporters continue to aim higher and hold strong.The chart technicals are going back to the bullish side, short-term, let’s see what’s up.First, let’s go back a month and notice the drop in early August.As Bitcoin recovered in late July it managed to conquer (break and close) above EMA100, this is strong resistance every time.As a strong level is conquered, it needs to be tested as support before th…

AlanSantana