Bitcoin (BTC) Closes Prior Hour Up 0.59%; Moves Down For the 5th Consecutive Day, Breaks Below 100 Day Average, in a Downtrend Over Past 14 Days

The Hourly View for BTC

Last Updated April 26, 2021, 03:016 GMT

Currently, Bitcoin’s price is up $309.01 (0.59%) from the hour prior. Bitcoin has seen its price go up 5 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 came into today down 1.99% ($995.02) from the open of the day prior, marking the 5th consecutive day a decrease has occurred. The price move occurred on volume that was up 28.38% from the day prior, but down 65.26% from the same day the week before. Out of the 7 instruments in the Top Cryptos asset class, Bitcoin ended up ranking 6th for the day in terms of price change relative to the day prior. Here is a daily price chart of Bitcoin.

BTC

Bitcoin Technical Analysis

First things first: Bitcoin crossed below its 100 day moving average yesterday. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For another vantage point, consider that Bitcoin’s price has gone down 9 of the previous 10 trading days.

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 Crypto_Chase:

    No need to jump the gun with altcoins IMO. I’m not calling for #bitcoin to 38K, but imagine where alts would be if it occurs. That is where the REAL DEALS are. I’d be scooping $DOT at $20, $UTK at 30 cents, $BNB near $350, and more.Until then, I wait for a clearer picture.

  • From krugermacro:

    Don’t buy bitcoin, it’s a ponzi. Buy olive oil instead. Olive oil is a liquid inflation hedge that offers tail risk protection: you can drink it if the world runs out of food. Olive oil prices are not volatile, so easy to hold for those with weak hands. – Nassim Taleb.

  • From CryptoTony__:

    Well we broke down on #Bitcoin and so this is the wave 5 now. Should be a triple bull div on the 4 hour, which I will look to play when we are ready Small loss on that #Bitcoin trade after taking some profit last night. Should see a green week if this is the final drop 😎

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

Ripple’s Chris Larsen Believes Bitcoin Dominance Could Fall Over Proof-of-Work’s Energy Consumption – Blockchain Bitcoin News

Ripple Labs cofounder Chris Larsen has written a blog post about the environment and why the crypto industry should reconsider leveraging PoW….Further, Larsen’s paper fails to mention the PoS coin networks that have been attacked on various occasions during the last decade….Ripple’s Chris Larsen addresses in his paper that he wouldn’t consider PoW models outdated, but that maybe these types of networks should be separated from those that provide low energy/low carbon verification systems….What do you think Chris Larsen’s opinion about PoW networks like Bitcoin and reconsidering PoW consensus?