Bitcoin 4 Hour Price Update
Updated May 16, 2020 01:34 AM GMT (09:34 PM EST)
Bitcoin’s 3 four-hour candle negative streak has officially concluded, as the candle from the last 4 hour candle closed up 0.24% ($22.45) .Those trading within the Top Cryptos asset class should know that Bitcoin was the worst performer in the class during the last 4 hour candle.Bitcoin Daily Price Recap
The end of a 3 day positive run has come for Bitcoin, which finished the day prior down 4.92% ($481.5) .This move happened on lower volume, as yesterday’s volume was down 14.71% from the day before — and down 11.98% from the same day the week before.
Those trading within the Top Cryptos asset class should know that Bitcoin was the worst performer in the class during the day prior.
Here is a daily price chart of Bitcoin.
Bitcoin Technical Analysis
Coming into today Bitcoin is now close to its 20 day moving averages, which may act as price barrier for the asset.
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.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.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 5 out of the past 10 days.
Price action traders may wish to observe the bearish engulfing pattern that has emerged over the past two trading days; in light of the uptrend on the 30 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.Overheard on Twitter From jk_rowling :
God bless every single one of you now earnestly explaining bitcoin to me as though I’ll grasp it if you break it down properly.Things like this are white noise to me.I cannot and will not ever understand Bitcoin, but I love you for thinking that I can or will.
From La__Cuen :
@jk_rowling @ammori Hi! My DMs are open if you want to chat w/out onlookers.The very short version is: Bitcoin is money fueled by a community of contributors.
There’s no king or central bank in charge.There are countless stories we can use to explore the ethics of a world w/global currency From jk_rowling :
People are now explaining Bitcoin to me, and honestly, it’s blah blah blah collectibles (My Little Pony?) blah blah blah computers (got one of those) blah blah blah crypto (sounds creepy) blah blah blah understand the risk (I don’t, though.)
As for a news story related to Bitcoin getting some buzz:
Responding to a tweet from CoinDesk senior reporter Leigh Cuen, Rowling tweeted: “I don’t understand bitcoin….Almost four hours after her initial tweet, Rowling was still responding to various members of Crypto Twitter, explaining why bitcoin wasn’t for her.
Updated May 16, 2020 01:34 AM GMT (09:34 PM EST)
Bitcoin’s 3 four-hour candle negative streak has officially concluded, as the candle from the […].
