Bitcoin (BTC) Closes Last Hour Down $-1.86; Heads Up For the 2nd Straight Day, in an Uptrend Over Past 14 Days, Price Base in Formation Over Past 90 Days

The Hourly View for BTC

Last Updated October 16, 2020, 03:015 GMT

At the time of this writing, BTC’s price is down $-1.86 (-0.02%) from the hour prior. The hourly chart shows that BTC has seen 2 straight down hours. 2 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. 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

Bitcoin came into today up 0.69% ($79.01) from the open of yesterday, marking the 2nd straight day an upward move has occurred. The change in price came along side change in volume that was up 45.47% from previous day, but down 10.86% from the Thursday of last week. 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. Let’s take a look at the daily price chart of Bitcoin.

BTC

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. Price action traders in particular will want to note that the 90 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 10 out of the past 14 days.

Overheard on Twitter

Behold! Here are the top tweets related to Bitcoin:

  • From scottmelker:

    You do not “own” the Bitcoin on an exchange.You also do not “own” the money you put in a bank – they are lending it.You also do not “own” the stock you buy on Robinhood. They are lending that as well.Hard assets in your control are the only true ownership.

  • From RampCapitalLLC:

    Thanksgiving dinner conversations:2016: I can’t believe Trump won.2017: Have you ever heard of Bitcoin? 2018: You have to get in on some of these weed stocks.2019: Try the turkey, it’s made from pea protein.2020: [virtual] I can’t believe Trump won again.

  • From michael_saylor:

    A designer knows he has achieved perfection not when there is nothing left to add, but when there is nothing left to take away. -Saint-Exupéry#Bitcoin has no Country, Capitol, Company, Complication, Caveat, or Competitor.

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

Bitcoin is Coming to Polkadot

Sign up to get early access to PolkaBTC and be the first to test the first truly decentralized cross-chain bridge: https://forms.gle/JrNBD6Pe1F5QAg4z8 The Interlay team has started working with teams building on Polkadot to enable early access to PolkaBTC: If you’re building a project on top of Polkadot and want to integrate with PolkaBTC, visit polkabtc.io or reach out via polkabtc@interlay.io….Any user can become a Vault by providing DOT collateral to secure BTC….If a Vault tries to steal BTC, this will be detected by the BTC-Parachain: the Vault will lose its collateral and users will be reimbursed (at a beneficial rate)….To use PolkaBTC on Polkadot, you don’t even need a Bitcoin wallet – until you decide to redeem PolkaBTC for native Bitcoin.