Bitcoin (BTC) Price Near $59,245.77; Pin Bar Pattern Appearing on Chart

The Hourly View for BTC

Last Updated April 3, 2021, 02:046 GMT

At the moment, BTC’s price is down $-11.69 (-0.02%) from the hour prior. The hourly chart shows that BTC has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on BTC. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning above it. 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

Bitcoin entered today at $58987.8, up 0.44% ($256.98) from the previous day. The change in price came along side change in volume that was up 7.08% from previous day, but down 28.27% from the Friday of last week. Those trading within the Top Cryptos asset class should know that Bitcoin was the worst performer in the class during the previous day. The daily price chart of Bitcoin below illustrates.

BTC

Bitcoin Technical Analysis

The first thing we should note is that Bitcoin is now close to its 20 day moving averages, which may act as price barrier for the asset. 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. Or to view things another way, note that out of the past 30 days Bitcoin’s price has gone up 19 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

Overheard on Twitter

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

  • From TylerDurden:

    My 5 greatest trades.1 & 2. Short #bitcoin top – Dec 2017 and June 2019.
    3. Short SPX high, pre covid.
    4. Long Tesla bottom – May 2019.
    5. Short XRP $3.My 5 worst trades.1. Closing bitcoin 3700 long – March 2020.
    2, 3, 4 & 5. Short bitcoin 5k, 6k, 7k and 8k – April 2020.

  • From RussellOkung:

    “The first lesson of economics is scarcity. There is never enough of anything to satisfy all of those who want it. The first lesson of politics is to ignore the first lesson of economics.” – @ThomasSowell Only 21M Bitcoin, y’all!

  • From SalsaTekila:

    I bet if bitcoin pops it’ll go to like $64k and dump.I don’t trust it after all the good news. Like I’m not retarded I ain’t trying to short thinking ‘THE TOP’ is in but I ain’t trusting this kind of stalling when market had all the good news in the world lately. Alts better.

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

Morgan Stanley Adds Bitcoin to 12 Mutual Funds’ Investment Strategies – Finance Bitcoin News

The purpose of the filing is to enable 12 of the investment bank’s mutual funds to start adding exposure to bitcoin….The company explained that “Bitcoin Exposure” has been added to the “Investment Policies and Strategies” of 12 mutual fund portfolios, under “Other Securities and Investment Strategies” section.