Bitcoin (BTC) 3 Day Up Streak Broken, Price Base in Formation Over Past 14 Days; is Inching Close to 20 Day Average

Bitcoin Price Recap

Bitcoin is up 0.08% since yesterday, marking a reversal from the day prior — and the end of a 3 day positive run. This move happened on lower volume, as yesterday’s volume was down 38.75% from the day before — and down 20.76% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Bitcoin ranked 4th yesterday in terms of percentage price change. The price chart of Bitcoin below illustrates.

Bitcoin Technical Analysis

The first thing we should note is that the current price of Bitcoin is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for Bitcoin has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. Rangebound traders may wish to note that Bitcoin is getting close to its upper bollinger band, which, when coupled with the lack of trend on a 14 day timeframe, may be an opportunity for short sellers. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days Bitcoin’s price has gone up 5 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar

Overheard on Twitter

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

  • From DavisMattek:

    I’d like my last tweet of the decade to be:-if you struggle with drugs/alcohol dependence, DM’s are open. Been sober 11 years, day by day
    -Buy Bitcoin
    -try to read 10 pages of a book a day
    -exercise is the easiest way to make your body & brain feel better
    -drink more water

  • From sqcrypto:

    This decade was bitcoin just warming up.

  • From Zduby:

    @NightlyEspresso @twilightsthorn Shrek 5: Invest all your money in bitcoin

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

Calvin Ayre: 2020 is Bitcoin’s Year of Enterprise Adoption & Kick Ass Utility – CoinGeek

Smart investors will see BSV is the real Bitcoin As Enterprise usage on BSV increases, the utility value of the token will increase and the price will start to reflect its true value….Miners to increase BSV hashing power diversity Application development, transaction volume and market cap won’t be the only things migrating to the Bitcoin SV blockchain in 2020, miners will as well….New and established bitcoin miners will continue to increase the diversity of hashing power on Bitcoin SV throughout the year….Bitcoin SV is the only chain in town.  The BSV blockchain will also see variable rate mining for the first time in Bitcoin’s history.