Home Forex Bitcoin (BTC) Up $7.31 On 4 Hour Chart, Started Today Up 1.96%; Crosses 50 Day Moving Average

Bitcoin (BTC) Up $7.31 On 4 Hour Chart, Started Today Up 1.96%; Crosses 50 Day Moving Average


Bitcoin 4 Hour Price Update

Updated July 09, 2020 01:34 AM GMT (09:34 PM EST)

Bitcoin came into the current 4 hour candle up 0.08% ($7.31) from the open of the previous 4 hours, marking the 4th candle in a row it has gone up. Out of the 5 instruments in the Top Cryptos asset class, Bitcoin ended up ranking 3rd for the four-hour candle in terms of price change relative to the previous 4 hours.

Bitcoin Daily Price Recap

The back and forth price flow continues for Bitcoin, which started today off at 9439.2 US dollars, up 1.96% ($181.88) from the day prior. As for how volume fared, yesterday’s volume was up 46.27% from the previous day (Tuesday), and up 27.46% from Wednesday of 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. Let’s take a look at the daily price chart of Bitcoin.

Bitcoin Technical Analysis

Moving average crossovers are always interesting, so let’s start there: Bitcoin crossed above its 50 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. This may setup an interesting opportunity for traders looking to buy dips in anticipation of the primary trend resuming. For additional context, note that price has gone up 5 out of the past 10 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 RaoulGMI:

    I don’t yet own ETH but feeling the need to think about adding some. My primary vehicle remains bitcoin.A rising tide will lift all boats most likely. We’ve been waiting patiently for the breakout for some time. Who knows is if breaks out now but the clock is ticking…

  • From gaborgurbacs:

    Many on Wall Street who critized and ridiculed me for supporting #Bitcoin still repeat the same unbased and offensive things and still try to sabotage my work. Ignorance is deep. Importantly, Bitcoin price increased a few hundred times so I am right & don’t care about haters. ✌️

  • From rektcapital:

    #ALTSEASON Checklist:1. Money flows from $BTC to Large Caps like $ETH ✅ 2. Decline in Bitcoin Dominance ✅ 3. $BTCUSD moves sideways ✅ 4. Money flows from Large Caps to Mid Caps & Low Caps ✅ 5. Altcoin Market Cap breaks out ✅ 6. $DOGE breaks out ✅ #Bitcoin

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

Zimbabwe’s Mobile Money Ban And The Impact On Bitcoin Trading

Ecocash, which is owned by Zimbabwe’s largest mobile network operator, Econet Wireless, enjoys a lion’s share of the mobile money market.  It is this monopolistic position that appears to be the source of Ecocash’s constant fights with regulators….It is this directive that forced earlier Bitcoin adopters as well as crypto traders to go underground….This knowledge might be responsible for the steady growth of Bitcoin or altcoins being demanded or swapped with USD.  Before the latest suspension directive, some peer to peer traders accepted mobile money due to the ease with which it can be converted into USD….Nevertheless, it should not be forgotten that Zimbabwe’s hyperinflation is another driver of cryptocurrency adoption.

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