Mudrex Price Analysis #122 Bitcoin (BTC/USD) – 28th 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 string uptrend, price got rejected from 11k
  • Price volatility was very high. Market moved ~10.6%, between $11.4k and $10.31k

Today’s Trend analysis

  • Chances of consolidation with an uptrend bias
  • Price at time of publishing: $10,886
  • BTC’s market cap: $200 Billion
  • Oscillator indicators are mostly neutral. RSI at 74
  • Moving average indicators are biased towards uptrend. Ichimoku Cloud is neutral
  • Volume indicators are indicating a strong uptrend. Very high volumes observed in recent candles suggesting that buying pressure is still intact.

Price expected to consolidate with an uptrend bias as very high volumes were observed . Most of the Oscillator indicators are neutral. MACD is positive around 356, histogram size decrease in last few candles suggesting a consolidation. RSI at 74 ,it is above the overbought region since the last few candles. CCI is above 103, and trending down which is a bearish sign. Another interesting point to notice here is that price bounced from 10500 with a low made there indicating strong buying pressure in that region.

BTCUSD 4hr price chart via tradingview

Oscillator indicators

Most of the oscillators are neutral. CCI is positive at 103, in overbought region. RSI trends downwards near 74, 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)74.04Neutral
Stochastic %K (14, 3, 3)70.22Neutral
Commodity Channel Index (20)103.75Sell
Average Directional Index (14)71.38Neutral
Awesome Oscillator1005.60Buy
Momentum (10)931.46Sell
MACD Level (12, 26)356.40Buy
Stochastic RSI Fast (3, 3, 14, 14)53.81Neutral
Williams Percent Range (14)−35.03Neutral
Bull Bear Power536.95Neutral
Ultimate Oscillator (7, 14, 28)52.43Neutral

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)10793.87Buy
Simple Moving Average (5)10905.65Sell
Exponential Moving Average (10)10589.06Buy
Simple Moving Average (10)10548.62Buy
Exponential Moving Average (20)10283.48Buy
Simple Moving Average (20)10143.81Buy
Exponential Moving Average (30)10090.32Buy
Simple Moving Average (30)9951.81Buy
Exponential Moving Average (50)9856.97Buy
Simple Moving Average (50)9702.58Buy
Exponential Moving Average (100)9600.24Buy
Simple Moving Average (100)9447.21Buy
Exponential Moving Average (200)9440.62Buy
Simple Moving Average (200)9312.54Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)10445.73Neutral
Volume Weighted Moving Average (20)10425.91Buy
Hull Moving Average (9)11103.34Sell

Trade volume

High volumes were observed in recent candles suggesting a strong uptrend. Candle which crossed 10500 saw more than thrice the 20 candle average which indicates that we might see support for price at 10500 level.

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