Mudrex Price Analysis #113 Bitcoin (BTC/USD) – 8th 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

  • As predicted in yesterday’s analysis BTCUSD price went slight downwards before continuing uptrend.
  • Price volatility was decent. Market moved ~1.5%, between $9.2k and $9.32k

Today’s Trend analysis

Price expected to trend up with decent volumes. Most of the Oscillator indicators are neutral. MACD histogram became flat and unlikely to cross downwards. RSI moving sideways around 60 which is a weak bullish sign. CCI is trending down but above 60 which is bullish sign. Another interesting point to notice here is that previous big green candles saw good volumes when price was near bollinger mid line suggesting that price might stick above it.

BTCUSD 4hr price chart via tradingview

Oscillator indicators

Most of the oscillators are neutral. CCI trending down but above 60 and RSI crossed moving sideways at 60 and both are weak bullish signs.

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.

Relative Strength Index (14)60.70Neutral
Stochastic %K (14, 3, 3)74.29Neutral
Commodity Channel Index (20)62.66Neutral
Average Directional Index (14)14.95Neutral
Awesome Oscillator110.94Neutral
Momentum (10)2.86Sell
MACD Level (12, 26)44.73Buy
Stochastic RSI Fast (3, 3, 14, 14)45.63Neutral
Williams Percent Range (14)−28.65Neutral
Bull Bear Power22.41Neutral
Ultimate Oscillator (7, 14, 28)65.79Neutral

Moving Average Indicators

Moving average (MA) indicator are biased towards an uptrend.. 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)9284.78Buy
Simple Moving Average (5)9276.42Buy
Exponential Moving Average (10)9268.91Buy
Simple Moving Average (10)9283.78Buy
Exponential Moving Average (20)9231.97Buy
Simple Moving Average (20)9209.76Buy
Exponential Moving Average (30)9208.59Buy
Simple Moving Average (30)9171.27Buy
Exponential Moving Average (50)9193.56Buy
Simple Moving Average (50)9163.56Buy
Exponential Moving Average (100)9222.51Buy
Simple Moving Average (100)9217.30Buy
Exponential Moving Average (200)9253.11Buy
Simple Moving Average (200)9363.84Sell
Ichimoku Cloud Base Line (9, 26, 52, 26)9145.41Neutral
Volume Weighted Moving Average (20)9231.56Buy
Hull Moving Average (9)9291.25Buy

Trade volume

Trade volume was more than the 20 candle average volume for recent green candles indicating good buying pressure. Coming candles might see more spurt in volumes with price increase.

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