Bitcoin 4 Hour Price Update
Updated April 24, 2020 03:18 AM GMT (11:18 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 7516.55 US dollars, up 0.36% ($27.3) since the previous 4 hours. On a relative basis, Bitcoin was the worst performer out of all 5 of the assets in the Top Cryptos asset class during the previous 4 hours.
Bitcoin Daily Price Recap
Bitcoin closed the day prior up 4.09% ($280.3); this denotes the 2nd day in a row an upward move has occurred. The change in price came along side change in volume that was up 0.79% from previous day, but down 8.46% from the Thursday of last week. Relative to other instruments in the Top Cryptos asset class, Bitcoin ranked 3rd since the day prior in terms of percentage price change. Below is a daily price chart of Bitcoin.
Bitcoin Technical Analysis
Moving average crossovers are always interesting, so let’s start there: Bitcoin crossed above its 20 day moving average yesterday. Traders interested in playing the ranges may wish to consider that the unclear trend on the 14 day chart, coupled with price being close to the upper bollinger band may be signalling a short opportunity. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. So if you expect the primary trend to resume, the counter trend may be providing an opportunity to sell rallies. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 16 out of the past 30 days.
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 BullyEsq:
Remember how all the boomers told us that Bitcoin was made up and wasn’t backed by anything and then they just printed trillions of dollars out of thin air to prop up equities that weren’t based on anything so they could still retire and we’d end up holding the bag? Yeah, me too.
- From scottmelker:
If you truly believe that Bitcoin is going to 100K, then you should just slowly buy it, regardless of price, and check your balance quarterly. No need to risk trading away your stack before it gets there. If you insist on trading, do it with 15% of your portfolio or less.
- From lopp:
Bitcoin may be the first asset that can be stored in such a way that it has no single physical footprint. As such, it’s the easiest asset to defend against nation state attacks. All you need to do is distribute keys to a multisig setup across jurisdictions that don’t cooperate.
As for a news story related to Bitcoin getting some buzz:
The model that boasts a 95% correlation to historical Bitcoin price data was popularized by Bitcoin quant analyst Plan B….Plan B’s model is forecasting that Bitcoin hits a valuation of $55,000 per coin one or two years after next month’s halvening.