Bitcoin (BTC) Price Near $57,994.88; Doji and Pin Bar Patterns Appearing on Chart, Moves Up For the 2nd Consecutive Day

The Hourly View for BTC

Last Updated May 3, 2021, 02:016 GMT

Currently, Bitcoin’s price is down $-52.09 (-0.09%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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

Bitcoin came into today up 0.15% ($85.19) from the open of yesterday, marking the 2nd consecutive day an increase has occurred. This move happened on lower volume, as yesterday’s volume was down 44.41% from the day before — and down 10.82% from the same day the week before. On a relative basis, Bitcoin was the worst performer out of all 7 of the assets in the Top Cryptos asset class during yesterday. Let’s take a look at the daily price chart of Bitcoin.


Bitcoin Technical Analysis

Coming into today the current price of Bitcoin is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. If you’re looking to trade the primary trend, this may be a good opportunity to buy dips created by the counter trend. For additional context, note that price has gone down 6 out of the past 10 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.

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 cz_binance:

    For all people who mock #bitcoin that I have ever met, none of them could explain what an address / pub key is. And they all show an attitude of refusal to learn. Yet, they have no problem mocking something they don’t understand. Don’t be like that.

  • From Bitcoin_Sam:

    The $1200 stimulus if saved in #Bitcoin would now be worth over $10,000 (⬆️ 750%+).If held in USD it would be worth $700.Tell me again how Bitcoin isn’t the most successful savings vehicle on the planet. That’s how true sound money should behave. You may want to look into it.

  • From goldseek:

    @danheld What happens when they realize there are thousands of cryptos out there and that there is nothing unique about Bitcoin except it can process your coffee order at the speed of a fax machine for the price of a coffee machine.

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

Taproot Is Coming: What It Is, and How It Will Benefit Bitcoin – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides

The complexity really just serves to keep everyone honest.) Taproot resembles MAST and always includes a condition where all participants can cooperate to spend the funds: the “cooperative close.” By utilizing Schnorr signatures, this is where it gets interesting….So, the public keys of all participants are added together, resulting in the “threshold public key.” Corresponding with this threshold public key, the combination of all participants’ signatures — their “threshold signature” — allows them to spend the funds….This script, then, is hashed and used to tweak the threshold public key….The resulting “threshold signature x script” allows them to spend the funds….This proves that the “threshold public key x script” was tweaked with this specific script….(And, like with P2SH, these conditions are of course immediately met to spend the funds.) Alternatively, instead of tweaking the threshold public key with script, the threshold public key can be tweaked with a Merkle root of a Merkle tree that includes all the different conditions under which the funds can be spent: a MAST structure.