Mudrex Price Analysis #119 Bitcoin (BTC/USD) – 16th 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 strong downtrend
  • Price volatility was high. Market moved ~2.5%, between $9k and $9.23k

Today’s Trend analysis

  • Downtrend to continue after rebound, RSI moving down is a bearish sign
  • Price at time of publishing: $9,080
  • BTC’s market cap: $167 Billion
  • Oscillator indicators are mostly neutral. RSI at 33
  • Moving average indicators are biased towards downtrend. Ichimoku Cloud is neutral
  • Volume indicators are indicating continuation in downtrend as red candle see high volumes

Price expected to continue downtrend after a rebound as RSI trends down and bollinger band width expands indicating increased volatility. Most of the Oscillator indicators are neutral. MACD crossed below 0, increasing histogram is a bearish sign. RSI trends down and is around 33, which is a bearish sign. CCI is very negative -220 , in oversold region indicates a rebound. Another interesting point to notice here is that previous candle closed below bollinger band, indicating downtrend might continue.

BTCUSD 4hr price chart via tradingview

Oscillator indicators

Most of the oscillators are neutral. CCI is very negative at -220, in oversold region. RSI trends down and at 22, which is a bearish 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)33.04Neutral
Stochastic %K (14, 3, 3)37.07Neutral
Commodity Channel Index (20)−219.86Buy
Average Directional Index (14)19.74Neutral
Awesome Oscillator−76.60Sell
Momentum (10)−180.09Buy
MACD Level (12, 26)−28.56Sell
Stochastic RSI Fast (3, 3, 14, 14)8.48Neutral
Williams Percent Range (14)−75.09Neutral
Bull Bear Power−214.21Neutral
Ultimate Oscillator (7, 14, 28)46.69Neutral

Moving Average Indicators

Moving average (MA) indicator are biased towards a downtrend. 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)9142.68Sell
Simple Moving Average (5)9152.42Sell
Exponential Moving Average (10)9172.92Sell
Simple Moving Average (10)9188.28Sell
Exponential Moving Average (20)9200.49Sell
Simple Moving Average (20)9216.09Sell
Exponential Moving Average (30)9213.09Sell
Simple Moving Average (30)9225.66Sell
Exponential Moving Average (50)9221.19Sell
Simple Moving Average (50)9250.62Sell
Exponential Moving Average (100)9231.37Sell
Simple Moving Average (100)9204.78Sell
Exponential Moving Average (200)9249.17Sell
Simple Moving Average (200)9266.78Sell
Ichimoku Cloud Base Line (9, 26, 52, 26)9188.84Neutral
Volume Weighted Moving Average (20)9202.34Sell
Hull Moving Average (9)9122.07Sell

Trade volume

Recent red candles saw high volumes indicating continuation in downtrend. Current volumes were above 20 candle moving average. Increasing volumes drived the market down suggesting a negative outlook.

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