Bitcoin (BTC) Closes Prior Hour Up 0.18%; in an Uptrend Over Past 90 Days, Moves Up For the 3rd Consecutive Day, Pin Bar Pattern Appearing on Chart

The Hourly View for BTC

Last Updated April 2, 2021, 00:016 GMT

At the time of this writing, Bitcoin’s price is up $106.58 (0.18%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 and 50 hour moving averages have been crossed, so that price is now turning above them. 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 is up 0.02% ($12.26) since the day prior, marking the 3rd consecutive day an increase has occurred. The price move occurred on volume that was up 32.09% from the day prior, but down 20.27% 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. The daily price chart of Bitcoin below illustrates.

BTC

Bitcoin Technical Analysis

Notably, Bitcoin is now close to its 20 day averages, located at 56705.26 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 14 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 8 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

Overheard on Twitter

Over on Twitter, here were the top tweets about Bitcoin:

  • From BobLoukas:

    Bitcoin is the ultimate bearer asset. It’s a self custody-full control, FU assetAs bearer asset, key holder OWNS IT. You entrust a corporation and gov regulator to protect it, in your name, to add 6% return on an asset already returning 1,000’s % already. Makes no sense.

  • From valueterminal:

    @NonGaap Think I’ve told the story here before but firm I worked at 8-9 years ago, the IT guy was mining Bitcoin, wouldn’t shut up about Bitcoin. He was such an expert we brought him into our morning meeting to explain it to us (we still didn’t get it). He is now… no longer an IT guy

  • From beeforbacon1:

    I would like to take another moment to say that without #bitcoin I would be so fucking depressed…now more than ever. The world is fucked and this is the only thing happening in the world right now. I would defend my keys with my life, or destroy them before handing them over.

For a longer news piece related to BTC that’s been generating discussion, check out:

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