Bitcoin (BTC) Closes Last Hour Down $-73.97; in an Uptrend Over Past 90 Days, Heads Up For the 3rd Consecutive Day

The Hourly View for BTC

Last Updated January 8, 2021, 22:16 GMT

Currently, Bitcoin’s price is down $-73.97 (-0.18%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them with price now being below it. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Bitcoin Daily Price Recap

Bitcoin closed yesterday up 7.14% ($2629.55); this denotes the 3rd consecutive day it has gone up. As for how volume fared, yesterday’s volume was up 25.47% from the previous day (Wednesday), and up 146.92% from Thursday of the week before. Relative to other instruments in the Top Cryptos asset class, Bitcoin ranked 2nd since yesterday in terms of percentage price change. Below is a daily price chart of Bitcoin.

BTC

Bitcoin Technical Analysis

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. Or to view things another way, note that out of the past 10 days Bitcoin’s price has gone up 9 them.

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 PeterSchiff:

    While I missed out on Bitcoin’s big run off the 2020 lows, I didn’t miss out on big gains in other speculative investments. For example, I’ve owned Delta Electronics in Thailand for years. It’s up 27% today and 27x from its 2020 low. Compare #Bitcoin’s gains to that, not #gold’s.

  • From PeterSchiff:

    Ironically, Wall Street’s new-found love for #Bitcoin has more to do with its long-held hatred for #gold. The banksters see Bitcoin as an ally in their war against sound money as they fight to protect the fiat-based monetary system that empowers the Fed and enriches themselves.

  • From ParikPatelCFA:

    Things Warren Buffett did:
    – Underperformed the market for a decade
    – Sold airlines at the bottom
    – Missed out on BitcoinThings Dr. Parik Patel did:
    – Bought dogecoin at the bottom
    – Bought OTM calls on $TSLA
    – Raised a billionaire who does SPACs

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

ETH en route to overtake its 2018 ATH as Bitcoin breaks $37K

The cryptocurrency is up more than 60% over the past week, bringing its total market cap to $135 billion….Since many DeFi projects are built on Ethereum, the sub-class has a positive impact on the ETH price.