Bitcoin (BTC) Price Near $11,387.72; in an Uptrend Over Past 14 Days, Doji and Pin Bar Patterns Appearing on Chart, Price Base in Formation Over Past 90 Days

The Hourly View for BTC

Last Updated October 15, 2020, 01:036 GMT

At the time of this writing, BTC’s price is down $-13.71 (-0.12%) from the hour prior. The hourly chart shows that BTC has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being below it. 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

The back and forth price flow continues for Bitcoin, which started today off at 11429.3 US dollars, up 0.02% ($2.01) from the previous day. The change in price came along side change in volume that was down 32.25% from previous day, but up 24.71% from the Wednesday 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 the previous day. Here is a daily price chart of Bitcoin.

BTC

Bitcoin Technical Analysis

Notably, Bitcoin is now close to its 20 day averages, located at 10904.49 respectively, and thus may be at a key juncture along those timeframes. 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 9 out of the past 14 days. As for those who trade off of candlesticks, we should note that we’re seeing doji and pin bar patterns appearing here.

Overheard on Twitter

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

  • From michael_saylor:

    Apple is a mobile network, Google is a search network, Facebook is a social network, #Bitcoin is a monetary network. All benefit from advances in software & hardware technology, as well as Metcalfe’s law. Many understand the former, few understand the later.

  • From drpenking:

    Jack knows how much he gets from the Nigerian soil so he had to emerge and put fire on the movement when they planned to shut down the internet.The bitcoin the Feminist Coven will receive from China alone can overthrow Bu. They no born am well to proceed with the ban
    #EndSWAT

  • From BTCMinstrel:

    Found a letter I wrote to family in late 2017, just b4 I gave them some #Bitcoin on an @OPENDIME. Some things have changed, some things stayed the same. There are four more letters. If this one gets 10 likes (I’m but a small account) then I’ll publish the next one. 🧵

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

Stone Ridge Reveals $115 Million Bitcoin Investment As Part Of Billion-Dollar Spinoff

As Stone Ridge cofounder Robert Gutmann put it, that thesis is a belief in “the long-term growth of an open-source monetary system—in assets like bitcoin.” The problem was that Stone Ridge needed a way to turn the dollars they wanted to invest into bitcoin and to safely store that cryptocurrency once they had it….So, instead of just establishing a few custom funds for their clients as they’re wont to do, Stone Ridge took the extraordinary step of building execution and custody tools from scratch and kicking off an entirely new line of revenue, executing cryptocurrency purchases, and then holding on to the assets for their customers….As part of the announcement, Stone Ridge Holdings Group revealed NYDIG is acting as custodian of 10,000 of the parent company’s bitcoin, valued at $115 million at today’s price….Few NYDIG customers are public yet, though a representative of the company says Stone Ridge’s $115 million position isn’t the largest it manages….Among what Gutmann calls “several” smaller funds is the NYDIG Basket Fund totaling $2.4 million, including bitcoin, ethereum, XRP, litecoin and bitcoin cash….Struggling business intelligence firm MicroStrategy converted a whopping $425 million of its assets into bitcoin, and at least 20 institutional investors have filed paperwork with the SEC showing they invested in the Grayscale Bitcoin Trust (GBTC).