Bitcoin (BTC) Closes Last Hour Down $-330.75; Pin Bar Pattern Appearing on Chart

The Hourly View for BTC

Last Updated January 28, 2021, 00:016 GMT

Currently, Bitcoin’s price is down $-330.75 (-1.09%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as Bitcoin has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Bitcoin Daily Price Recap

Bitcoin entered today at $32516.52, up 0.75% ($241.25) from yesterday. The change in price came along side change in volume that was down 3.77% from previous day, but up 5.5% from the Wednesday of last week. Out of the 7 instruments in the Top Cryptos asset class, Bitcoin ended up ranking 2nd for the day in terms of price change relative to yesterday. The daily price chart of Bitcoin below illustrates.

BTC

Bitcoin Technical Analysis

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 14 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 another vantage point, consider that Bitcoin’s price has gone up 17 of the previous 30 trading days. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.

Overheard on Twitter

Behold! Here are the top tweets related to Bitcoin:

  • From PeterSchiff:

    The market has spoken. GameStop is a much better store of value than Bitcoin. After all, it’s already up over 20x so far in 2021, compared to Bitcoin’s measly 5% gain. @michael_saylor should be urging corporate CEOs to plug their balance sheets into #GameStop instead of #Bitcoin.

  • From theRealKiyosaki:

    You’ve got to be kidding me. Sec Treasury Yellin cautioning Bitcoin used in criminal activity. Doesn’t she know US dollar used in criminal activities too? Is she trying to scare people from Bitcoin? Great news. Bought more Bitcoin when price dropped.

  • From MartyBent:

    Coming up on a year since the birth of my first born. It’s insane how much your capacity for love can grow in such a short amount of time.I will stop at nothing to make sure he lives in a world that is better than the one I inherited. This is why I #Bitcoin now.

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

Bitcoin White Paper is a Personal Legacy for One Man; Bitcoin SV is a Bigger Vision for the World

So, what do the Bitcoin white paper and copyright law have to do with this?    Craig swears that he is Satoshi Nakamoto, author of the Bitcoin white paper, and owner of its copyright….  Rather, because BTC and BCH no longer follow the original network protocol or economic incentive model prescribed by Satoshi Nakamoto in the white paper, Craig says that as the copyright holder, he does not want it associated with marketing BTC, BCH or any other digital currency which is not Bitcoin – including on websites such as Bitcoin.org, BitcoinCore.org and Bitcoin.com.  The controversy has also revealed some great ironies in the digital currency space.