Mudrex Price Analysis #111 Bitcoin (BTC/USD) – 6th July 2020

This is BTCUSD daily price analysis, provided by Mudrex (automated crypto investing platform). This analysis is based on signals from 28 technical indicators, out of which 17 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 4 hr candles.

You can find price analysis from previous days on blog here and on Tradingview here.

Analysis Summary

Market in last 24hrs

  • BTCUSD price saw an uptrend
  • Price volatility was high. Market moved ~4%, between $8.9k and $9.24k

Today’s Trend analysis

Price expected to trend down today. Most of the Oscillator indicators are neutral. MACD line has crossed up 0 and MACD histogram is in positive zone. RSI and CCI, are trending up and are above their midpoints. CCI has entered overbought zone. On balance volume indicator is trending up. But interesting point to notice here is that price is now touching upper bollinger band and hence we expect the price to move down today.

BTCUSD 4hr price chart via tradingview

Oscillator indicators

Most of the oscillators are neutral. CCI is trending up and is not in overbought zone.

Definition:- Oscillator indicators are based on market’s property that what goes up must come down. Reversion to the mean is one of the most fundamental properties of any market. Oscillators are predictive in nature, specifying future price momentum. RSI is above 50 and MACD is pointing towards a buy opportunity.

Relative Strength Index (14)62.12Neutral
Stochastic %K (14, 3, 3)79.93Neutral
Commodity Channel Index (20)203.90Sell
Average Directional Index (14)24.66Neutral
Awesome Oscillator−21.83Neutral
Momentum (10)74.49Buy
MACD Level (12, 26)0.88Buy
Stochastic RSI Fast (3, 3, 14, 14)89.58Neutral
Williams Percent Range (14)−10.86Neutral
Bull Bear Power166.80Neutral
Ultimate Oscillator (7, 14, 28)63.47Neutral

Moving Average Indicators

Moving average (MA) indicator are mixed with short term MAs pointing towards and uptrend and long-term MAs pointing towards a downtrend. Ichimoku Cloud is neutral and Hull MA is indicating a buying opportunity.

Definition:- Moving Average indicators are lagging indicators that help catch trends when they are beginning to take effect. The idea is to buy when the trend is moving up and sell when the trend is falling.

Exponential Moving Average (5)9142.00Buy
Simple Moving Average (5)9118.27Buy
Exponential Moving Average (10)9115.29Buy
Simple Moving Average (10)9099.62Buy
Exponential Moving Average (20)9107.93Buy
Simple Moving Average (20)9093.87Buy
Exponential Moving Average (30)9113.35Buy
Simple Moving Average (30)9118.48Buy
Exponential Moving Average (50)9135.89Buy
Simple Moving Average (50)9120.72Buy
Exponential Moving Average (100)9204.76Sell
Simple Moving Average (100)9222.02Sell
Exponential Moving Average (200)9248.61Sell
Simple Moving Average (200)9386.99Sell
Ichimoku Cloud Base Line (9, 26, 52, 26)9082.50Neutral
Volume Weighted Moving Average (20)9100.24Buy
Hull Moving Average (9)9171.65Buy

Trade volume

Trade volume on red candles has been lower than the trade volume on green candles in last 2, indicating that selling pressure is not very high low.

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