Bitcoin 4 Hour Price Update

Updated March 09, 2020 05:34 AM GMT (12:34 AM EST)

Bitcoin’s 4 four-hour candle negative has officially concluded, as the candle from the previous 4 hours closed up 0.06% ($4.57). 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

Bitcoin came into today down 9.5% ($846.05) from the open of the day prior, marking the 2nd day in a row a decline has happened. As for how volume fared, yesterday’s volume was up 185.13% from the previous day (Saturday), and up 143.19% from Sunday of the week before. On a relative basis, the day prior was pretty good: Bitcoin bested all 5 of the assets in the Top Cryptos class The daily price chart of Bitcoin below illustrates.

Bitcoin Technical Analysis

Moving average crossovers are always interesting, so let’s start there: Bitcoin crossed below its 100 and 200 day moving averages yesterday. Related to the moving average crossover is that Bitcoin’s momentum/trend on a 14 day basis may be decelerating. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 16 out of the past 30 days.

Overheard on Twitter

Behold! Here are the top tweets related to Bitcoin:

• From kennagq:
  

  Bissaka probably uses Bitcoin Cos he’s making sterling useless

• From izybaby01:
  

  “Wan Bissaka probably uses Bitcoin cos he’s making Sterling useless” #MUNMCI

• From APompliano:
  

  Someone tell the Bitcoin detractors that oil just dropped more in a single day than Bitcoin ever has.Too much volatility! \U0001f937‍

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

The rule says that the block reward will be cut in half every four years until every Bitcoin is mined….After the next halving this will be cut in half to 900 Bitcoins per day….Another four years later on July the 9th 2016 the second Bitcoin halving took place and the block reward was again cut in half to 12.5 Bitcoins per block….The third Bitcoin halving is taking place in 2020 and will cut the block reward to 6.25 Bitcoins per block….In another 4 years in 2024 there will be a forth Bitcoin halving cutting the reward down to 3.125 Bitcoins per block….Nevertheless, the Bitcoin inflation keeps getting cut in half every four years and this will continue approximately until the year 2144.

The post Bitcoin (BTC) Up $4.57 in Last 4 Hours, Moves Down For the 2nd Day In A Row; Breaks Below 100 and 200 Day Averages appeared first on CFDTrading.