Bitcoin (BTC) Closes Prior Hour Down -0.25%; 5 Day Down Streak Ended, in a Downtrend Over Past 14 Days, Breaks Above 100 Day Average

The Hourly View for BTC

Last Updated April 27, 2021, 03:016 GMT

At the time of this writing, Bitcoin’s price is down $-132.54 (-0.25%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. 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 choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Bitcoin Daily Price Recap

The end of a 5 day negative run has come for Bitcoin, which finished the previous day up 10.06% ($4941.32). As for how volume fared, yesterday’s volume was up 49.54% from the previous day (Sunday), and up 19.09% from Monday of 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 previous day. The daily price chart of Bitcoin below illustrates.

BTC

Bitcoin Technical Analysis

Notably, Bitcoin crossed above 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 10 of the previous 14 trading days. Price action traders may also wish to note the presence of a bullish engulfing pattern in the midst of the downtrend on the 14 and 90 day charts, which may signal the trend is concluding.

Overheard on Twitter

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

  • From SpencerKSchiff:

    Bitcoin’s move from $500 to $50K (a $900B rise in market cap) only brought the asset from insignificance to moderate relevance. The move from $50K to $5M (+$100T in market cap!), as a geopolitically seismic event, will be far more consequential than the prior 100x price increase.

  • From JRNYcrypto:

    .@elonmusk didn’t sell, @Tesla did. They are a company. Companies do what’s best for their company. It would be dumb if they didn’t take small profits. They are also accepting #Bitcoin as payment and will recover what they sold and more

  • From realMeetKevin:

    $TSLA Update on $BTC: suggesting they sold 10% for liquidity; want to be able to move in and out with ease. Think BTC is good for that. (Rough quote): We do believe long term in the value of Bitcoin and we plan to hold long-term and continue to accumulate Bitcoin.

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

“Ethereum About To Make An Epic Breakout Over Bitcoin” | ZeroHedge

We think a growing forward trend is a combination of pressure on crypto-currencies, particularly Bitcoin (more and more clients point out – Ethereum has software applications that work and becoming more popular so isn’t just a one-trick pony like Bitcoin) with some of that flowing into precious metals, particularly silver….There have been three 70% crashes in crypto in recent years.