Bitcoin (BTC) Closes Last Hour Down $-0.21; in an Uptrend Over Past 14 Days, 2 Day Down Streak Snapped

The Hourly View for BTC

Last Updated November 12, 2020, 02:038 GMT

Currently, BTC’s price is down $-0.21 (0%) from the hour prior. BTC has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on BTC. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 hourly candle timeframe, so the meaning of the candles may require further exploration. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them with price now being below it. The moving averages on the hourly 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 Daily Price Recap

The back and forth price flow continues for Bitcoin, which started today off at 15707.08 US dollars, up 2.57% ($393.35) from yesterday. As for how volume fared, yesterday’s volume was up 103.59% from the previous day (Tuesday), and up 69.67% from Wednesday of the week before. Out of the 7 instruments in the Top Cryptos asset class, Bitcoin ended up ranking 2nd for the day in terms of price change relative to yesterday. Here is a daily price chart of Bitcoin.

BTC

Bitcoin Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to view things another way, note that out of the past 14 days Bitcoin’s price has gone up 8 them.

Overheard on Twitter

Behold! Here are the top tweets related to Bitcoin:

  • From RaoulGMI:

    Bitcoin Maxi’s hide your eyes (please dont attack, I still love you) – A question for the ETH tribe – The launch of ETH 2.0 is going to potentially be big. Do you think a lot of ETH gets staked and it might be a catalyst for a sharp price rise and a big chunk gets locked up? #ETH

  • From michael_saylor:

    Augmented by great technology partners, #Bitcoin is capable of collecting all the monetary energy in the world, storing it securely & perpetually without power loss, and channeling it efficiently to anyone or anything at the speed of light. Few understand this.

  • From tyler:

    “I think every major bank, every major investment bank, every major high net worth firm is going to eventually have some exposure to bitcoin or what’s like it… adding he thinks inflation is “coming back” due to the Fed “gunning the money supply.”
    -Wall Street legend Bill Miller

For a longer news piece related to BTC that’s been generating discussion, check out:

Will The Blockchain Economy Run On Bitcoin, Ethereum, Or Central Bank Digital Currency? | Zero Hedge

The card network provides the payments infrastructure in the sense that it allows for money to move around on its network of nodes….Most still ride the Visa or Marstercard “rails” and all prioritize the financial instrument of sovereign money….Let’s briefly highlight those: Bank of Thailand to use enterprise Ethereum for retail CBDC prototype with ConsenSys Australia’s central bank announces CBDC project with ConsenSys Societe Generale selects ConsenSys for CBDC experiments ConsenSys wins Hong Kong central bank digital currency project The discussion of CBDCs is often a stark reaction to the development of Facebook’s Libra private stablecoin / USD network, and the Chinese deployment and expansion of their national digital currency….The digital yuan is the money — when it sits in a wallet on the phone, it is *merely* a financial instrument….Public Ethereum already has a money on it — it is the digital dollar….Bringing back the discussion of the card networks and payment processors, we find that a programmable chain is able to incorporate into its software stack the gateways and business logic that used to sit outside of the network.