Bitcoin (BTC) Closes Last Hour Up $3.57; 2 Day Up Streak Ended, Crosses 50 Day Moving Average, Eyes 50 Day Average

The Hourly View for BTC

Last Updated May 4, 2021, 02:016 GMT

At the time of this writing, Bitcoin’s price is up $3.57 (0.01%) from the hour prior. This is the 2nd hour in a row Bitcoin has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on Bitcoin. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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

56623.51 (USD) was the opening price of the day for Bitcoin, resulting in yesterday being one in which price moved down 2.11% ($1219.65) from yesterday. This move happened on lower volume, as yesterday’s volume was down 18.59% from the day before — and down 43.45% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Bitcoin ranked 4th since yesterday in terms of percentage price change. Let’s take a look at the daily price chart of Bitcoin.

BTC

Bitcoin Technical Analysis

Notably, Bitcoin crossed below its 50 day moving average yesterday. 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. Traders will also want to note, though, that a counter trend — meaning a trend going down — can be seen on the 30 day timeframe. This may setup an interesting opportunity for traders looking to buy dips in anticipation of the primary trend resuming. Or to view things another way, note that out of the past 30 days Bitcoin’s price has gone down 17 them.

Overheard on Twitter

Behold! Here are the top tweets related to Bitcoin:

  • From 1MarkMoss:

    I see so many complaints of people turned off by #Bitcoin “fanatics” but they fail to realize, in order to have a revolution, it takes hard-core true believers, willing to make the ultimate sacrifice to see the change in the 🌎world they believe in. There is no other way…🛡️

  • From MuroCrypto:

    Okay so I had an emotional moment after I saw how many pumps I missed today but it’s actually not too much.ETH money is gonna flow so hard into altcoins that I will laugh about today in a few weeks. After altseason I will long Bitcoin and go on a long vacation inshaallah.

  • From danheld:

    1/ Revisiting The Bitcoin SupercycleMost readers will remember my popular article “A Bitcoin Supercycle” that I wrote in December 2020.For those who don’t know what a Supercycle is: essentially this Bitcoin cycle could be different than the ones previously. A thread👇

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

E-Commerce Giant Ebay Looking at Accepting Cryptocurrency for 187 Million Buyers, CEO Reveals – Featured Bitcoin News

by
Kevin Helms
Ebay is looking at cryptocurrency as a payment option for its 187 million buyers on the platform, the company’s CEO has revealed….Ebay CEO Jamie Iannone said in a CNBC interview on Monday that the company is looking at accepting cryptocurrency as a payment option.