Bitcoin (BTC) Price Near $17,674.86; Moves Up For the 3rd Day In A Row, Pin Bar Pattern Appearing on Chart, in an Uptrend Over Past 30 Days

The Hourly View for BTC

Last Updated November 19, 2020, 08:016 GMT

Currently, BTC’s price is up $11.08 (0.06%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 50 hour moving average has been crossed, so that price is now turning 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

Bitcoin is up 0.59% ($104.73) since the day prior, marking the 3rd day in a row an increase has occurred. As for how volume fared, yesterday’s volume was up 34.46% from the previous day (Tuesday), and up 100.84% from Wednesday of the week before. Bitcoin outperformed all 7 assets in the Top Cryptos asset class since the day prior. The daily price chart of Bitcoin below illustrates.


Bitcoin Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For another vantage point, consider that Bitcoin’s price has gone up 6 of the previous 10 trading 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

For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Bitcoin for the past day were:

  • From Mowgli3Four:

    Hi – I am Frank, I am a Hodlaholic. I buy #Bitcoin and reason: “I sell them when we reach this price”. Price reached, and I can’t sell, as they are to dear to me, and the things I would swap them for seem unnecessary. I blame @saifedean for teaching me about low time preference!


    Today she’s happy as a clam. By the end of this bull run she’ll be a millionaire.How crazy is that? A woman who makes 28k a year working at a pre school who was flat broke 3 years ago will literally be a millionaire. She thought she was destitute.Bitcoin changes lives.

  • From PrestonPysh:

    @DrBitcoinMD @NickSzabo4 @adam3us @saifedean @michael_saylor @jack @BitcoinTina @APompliano @MarkYusko @nic__carter @bitstein @pierre_rochard @matt_odell @MartyBent @stephanlivera @johnkvallis @Breedlove22 @parkeralewis @real_vijay @LynAldenContact After a certain point, measuring in fiat terms becomes worthless. I would suggest the buying power of 1 Bitcoin may have the purchasing power (as you understand it today) of 5 to 15 million USD. This would require it to be the UoA for all major businesses around the world.

As for a news story related to Bitcoin getting some buzz:

Mexico’s 3rd Richest Man Puts 10% Of Liquid Net Worth In Bitcoin | Zero Hedge

Tengo el 10% de mi portafolio líquido invertido en el 😌💵 While Salinas may be a new entrant to the bitcoin faithful, cryptocurrency pioneer Mike Novogratz has continued to beat the drum and earlier this morning on CNBC he said that bitcoin could rise as high as a $60,000 next year as it continues to replace gold……Bitcoin is surging this week.