Mudrex Price Analysis #114 Bitcoin (BTC/USD) – 9th July 2020

This is BTCUSD daily price analysis (Bitcoin 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 our blog and Tradingview.

Analysis Summary

Market in the last 24hrs

  • As predicted at yesterday’s analysis BTCUSD price continued its uptrend with good volumes
  • Price volatility was high. The market moved ~2.5%, between $9.2k and $9.46k

Today’s Trend analysis

  • Uptrend to continue might see low volatility ahead
  • Price at time of publishing: $9,394
  • BTC’s market cap: $172 Billion
  • Oscillator indicators are mostly neutral. RSI at 58
  • Moving average indicators are biased towards an uptrend. Ichimoku Cloud is neutral
  • Volume indicators are supporting the continuation of the uptrend.

Price expected to continue uptrend with chances of consolidation. Most of the Oscillator indicators are neutral. MACD histogram rose but histogram length is less than previous uptrend suggesting trend might see some halt. RSI moving sideways around 60 which is a weak bullish sign. CCI near 50 after crossing 100 once which is a bullish sign. Another interesting point to notice here is that as Bollinger band is squeezing, we might see low volatility ahead.

Bitcoin Price Analysis
BTCUSD 4hr price chart via tradingview

Oscillator indicators

Most of the oscillators are neutral. CCI went above 100 but back to 50 now. RSI briefly went above 70 before coming back to 58, which is a weak bullish sign

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)58.90Neutral
Stochastic %K (14, 3, 3)65.39Neutral
Commodity Channel Index (20)50.24Neutral
Average Directional Index (14)19.12Neutral
Awesome Oscillator197.96Neutral
Momentum (10)119.75Buy
MACD Level (12, 26)63.59Buy
Stochastic RSI Fast (3, 3, 14, 14)42.64Neutral
Williams Percent Range (14)−43.39Neutral
Bull Bear Power69.72Neutral
Ultimate Oscillator (7, 14, 28)59.38Neutral

Moving Average Indicators

Moving average (MA) indicators are biased towards an uptrend. Ichimoku Cloud is neutral and Hull MA is indicating a selling 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)9381.98Sell
Simple Moving Average (5)9404.44Sell
Exponential Moving Average (10)9360.33Sell
Simple Moving Average (10)9359.12Sell
Exponential Moving Average (20)9309.54Buy
Simple Moving Average (20)9315.76Buy
Exponential Moving Average (30)9273.43Buy
Simple Moving Average (30)9236.82Buy
Exponential Moving Average (50)9238.97Buy
Simple Moving Average (50)9195.32Buy
Exponential Moving Average (100)9243.40Buy
Simple Moving Average (100)9215.76Buy
Exponential Moving Average (200)9262.10Buy
Simple Moving Average (200)9355.29Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)9192.29Neutral
Volume Weighted Moving Average (20)9316.43Buy
Hull Moving Average (9)9411.24Sell

Trade volume

Previous volume saw huge volumes, more than the previous uptrend which is a bullish sign. recent candles saw low volume which were less than the 20 candle average volume suggesting we might see consolidation and low volatility ahead.

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