Bitcoin (BTC) Closes Last Hour Up $33.65; Price Base in Formation Over Past 90 Days, 6 Day Up Streak Snapped, in an Uptrend Over Past 14 Days

By October 23, 2020Bitcoin Business
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The Hourly View for BTC

Last Updated October 24, 2020, 01:036 GMT

At the moment, BTC’s price is up $33.65 (0.26%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 and 50 hour moving averages have been crossed, so that price is now turning above them. The moving averages on the hourly 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.

Bitcoin Daily Price Recap

The end of a 6 day positive run has come for Bitcoin, which finished yesterday down 0.41% ($53.05). The change in price came along side change in volume that was down 43.66% from previous day, but up 25.38% from the Friday of last week. Out of the 7 instruments in the Top Cryptos asset class, Bitcoin ended up ranking 3rd for the day in terms of price change relative to yesterday. Here is a daily price chart of Bitcoin.


Bitcoin Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 20 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

Overheard on Twitter

Over on Twitter, here were the top tweets about Bitcoin:

  • From theRealKiyosaki:

    LAST DEBATE. CNN poll says Biden won. FOX poll says Trump won. Politics nasty game. America and world in serious trouble regardless who wins. Economy collapsing. Jim Rickards says gold will go to $50,000. If true how high will silver and Bitcoin go? Dollar is dying. Take care.

  • From Jollz:

    There is a lot to be done. You don’t need any one person to make it happen. FEMCO raised 150m even with an account blocked a few days in. I reckon we missed another 100 or so in funding because so many people don’t understand bitcoin. You guys have the power.

  • From Altcoinbuzzio:

    BREAKING!!!PayPal are not just getting their feet wet, they’re diving right in by acquiring BitGo.BitGo had a $170m evaluation in 2018 and is backed by Goldman Sachs Group Inc.2017 was for retail. Now the big boys are stepping in.Get ready for takeoff. #Bitcoin

In terms of news links for Bitcoin here’s one to try:

Billionaire investor Paul Tudor Jones calls bitcoin ‘the best inflation trade’ as the token surges above $13,000 | Currency News | Financial and Business News | Markets Insider

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REUTERS/Eduardo Munoz Bitcoin recently spiked to its highest level since July 2019, and the hedge-fund manager Paul Tudor Jones expects inflation trends to boost the digital token even further….The new strategy has investors looking for new inflation hedges as the economy recovers, and Tudor Jones views the cryptocurrency as the strongest bet.

Last Updated October 24, 2020, 01:036 GMT

At the moment, BTC’s price is up $33.65 (0.26%) from the hour prior. This is a reversal […]

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