Bitcoin 4 Hour Price Update
Updated September 16, 2020 11:18 PM GMT (07:18 PM EST)
The choppiness in the recent four-hour candle price action of Bitcoin continues; to start the current 4 hour candle, it came in at a price of 11002.51 US dollars, up 0.13% ($14.72) since the previous 4 hours. Those trading within the Top Cryptos asset class should know that Bitcoin was the worst performer in the class during the previous 4 hours.
Bitcoin Daily Price Recap
Bitcoin closed the day prior up 1.02% ($108.39); this denotes the 2nd day in a row an increase has occurred. The change in price came along side change in volume that was up 2.84% from previous day, but down 33.21% from the Tuesday of last week. Out of the 5 instruments in the Top Cryptos asset class, Bitcoin ended up ranking 2nd for the day in terms of price change relative to the day prior. The daily price chart of Bitcoin below illustrates.
Bitcoin Technical Analysis
Coming into today the current price of Bitcoin is sitting close to its 20, 50 and 100 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 been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 9 out of the past 14 days.
Overheard on Twitter
Behold! Here are the top tweets related to Bitcoin:
- From adam3us:
“We just had the awful realization that we were sitting on top of a $500 million ice cube that’s melting” -@michael_saylor on $MSTR $425mil BTC buy “This is not a speculation, nor is it a hedge” said Saylor “This was a deliberate corporate strategy to adopt a bitcoin standard”
- From GoingParabolic:
I want to take a moment and recognize Pomp🌪️ for absolute SAVAGE work. Think about how f’n amazing it is that the CEO of a Microstrategy $MSTR, used @PompPodcast as one of the resources that compelled him and the board to invest ~450M dollars in #bitcoin.We appreciate you!
- From _drgo:
I still can’t believe I have a #Bitcoin full node (indexed nonetheless) that stays in sync entirely w/o the internet via #satellite. People ask me: why? Because I can? Because I want many people to learn how? Because it pushes the boundaries of freedom to new frontiers? Yes
For a longer news piece related to BTC that’s been generating discussion, check out:
Morgan Stanley veteran Zoe Cruz says XRP is a clear leader in the cross-border payments space….There will be winners and losers, but I wouldn’t want to have Bitcoin end up being the Netscape of your investment opportunity.” The former executive also views Ethereum as a venture capital investment.