Mudrex Price Analysis #121 Bitcoin (BTC/USD) – 27th 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 above 10k, price saw a good uptrend
  • Price volatility was high. Market moved ~4.8%, between $10.3k and $9.85k

Today’s Trend analysis

  • Expected Uptrend to continue with chances of consolidation
  • Price at time of publishing: $10,248
  • BTC’s market cap: $188 Billion
  • Oscillator indicators are mostly neutral. RSI at 75
  • Moving average indicators are biased towards uptrend. Ichimoku Cloud is neutral
  • Volume indicators are indicating continuation in uptrend as green candles saw big volumes while red candles saw less than 20 candle average volume. 

Price expected to continue uptrend as price increase supported by volume . Most of the Oscillator indicators are neutral. MACD is positive around 187, increasing histogram is a bullish sign. RSI is trending and at 75 ,it is above the oversold region since the last few candles. CCI rose above 0 and is in overbought region, which is a bearish sign.Another interesting point to notice here is that price has been going above the upper bollinger band and we might expect some consolidation.

BTCUSD 4hr price chart via tradingview

Oscillator indicators

Most of the oscillators are neutral. CCI is positive at 151, in overbought region. RSI trends to 75, which is a 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)75.49Sell
Stochastic %K (14, 3, 3)84.91Neutral
Commodity Channel Index (20)151.85Sell
Average Directional Index (14)62.94Neutral
Awesome Oscillator451.21Buy
Momentum (10)555.30Buy
MACD Level (12, 26)187.56Buy
Stochastic RSI Fast (3, 3, 14, 14)72.24Neutral
Williams Percent Range (14)−14.23Neutral
Bull Bear Power608.18Neutral
Ultimate Oscillator (7, 14, 28)56.83Neutral

Moving Average Indicators

Moving average (MA) indicator are biased towards a 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)10121.34Buy
Simple Moving Average (5)10097.25Buy
Exponential Moving Average (10)9993.59Buy
Simple Moving Average (10)9955.67Buy
Exponential Moving Average (20)9833.26Buy
Simple Moving Average (20)9767.70Buy
Exponential Moving Average (30)9728.87Buy
Simple Moving Average (30)9682.17Buy
Exponential Moving Average (50)9595.70Buy
Simple Moving Average (50)9504.60Buy
Exponential Moving Average (100)9445.21Buy
Simple Moving Average (100)9353.08Buy
Exponential Moving Average (200)9355.68Buy
Simple Moving Average (200)9266.66Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)9901.69Neutral
Volume Weighted Moving Average (20)9881.93Buy
Hull Moving Average (9)10261.57Sell

Trade volume

Recent uptrend saw increased volumes in green candles, while red candles saw low volumes indicating that a buying pressure exits. The candle crossing 10k price also saw huge volume suggesting we might see support at 10k level and price might not fall below it.

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