Mudrex Price Analysis #115 Bitcoin (BTC/USD) – 10th 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 saw a big downtrend
  • Price volatility was high. Market moved ~3.3%, between $9.1k and $9.43k

Today’s Trend analysis

Price expected to continue downtrend as indicators turn negatice. Most of the Oscillator indicators are neutral. MACD crosses down 0, histogram decreasing in size, which is a bearish sign. RSI below midline around 40, further down move can bring it in overbought zone. CCI crossed below -100 which is a weak bullish sign. Another interesting point to notice here is that price bounced twice from lower bollinger band, creating candle low’s there. It suggests price might remain inside bollinger for the coming day.

BTCUSD 4hr price chart via tradingview

Oscillator indicators

Most of the oscillators are neutral. CCI went below -100, which is a weak bullish sign. RSI below midline and around 40, further down move can lead to RSI in overbought zone below 30.

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)42.94Neutral
Stochastic %K (14, 3, 3)23.60Neutral
Commodity Channel Index (20)−101.08Buy
Average Directional Index (14)21.16Neutral
Awesome Oscillator−39.06Sell
Momentum (10)−251.99Sell
MACD Level (12, 26)−0.98Sell
Stochastic RSI Fast (3, 3, 14, 14)5.92Neutral
Williams Percent Range (14)−69.60Neutral
Bull Bear Power−174.43Neutral
Ultimate Oscillator (7, 14, 28)49.25Neutral

Moving Average Indicators

Moving average (MA) indicator are biased towards an 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)9207.09Sell
Simple Moving Average (5)9200.15Sell
Exponential Moving Average (10)9246.89Sell
Simple Moving Average (10)9283.75Sell
Exponential Moving Average (20)9261.48Sell
Simple Moving Average (20)9294.63Sell
Exponential Moving Average (30)9250.79Sell
Simple Moving Average (30)9259.52Sell
Exponential Moving Average (50)9231.98Sell
Simple Moving Average (50)9194.48Sell
Exponential Moving Average (100)9239.31Sell
Simple Moving Average (100)9188.43Sell
Exponential Moving Average (200)9258.94Sell
Simple Moving Average (200)9341.74Sell
Ichimoku Cloud Base Line (9, 26, 52, 26)9266.36Neutral
Volume Weighted Moving Average (20)9294.52Sell
Hull Moving Average (9)9145.25Buy

Trade volume

Previous red candles saw huge volumes, A mutli-time frame analysis on 1hr candles show that majority of the volumes seen on 4hr candles were concentrated on red candles suggesting a strong downtrend.

BTCUSD 1hr price chart via tradingview

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