Mudrex Price Analysis #123 Bitcoin (BTC/USD) – 29th 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 moved sideways, price above 11k
  • Price volatility was high. Market moved ~3.02%, between $11.2k and $10.86k

Today’s Trend analysis

  • Low volatility ahead with a bullish bias
  • Price at time of publishing: $11,050
  • BTC’s market cap: $203 Billion
  • Oscillator indicators are mostly neutral. RSI at 73
  • Moving average indicators are biased towards uptrend. Ichimoku Cloud is neutral
  • Volume indicators are indicating a low volatility ahead. Very low volumes observed in recent candles, volumes were less than 20 candles moving average.

Price expected to move upwards, low volatility due to low volumes. Most of the Oscillator indicators are neutral. MACD is positive around 360, histogram size decreasing in last few candles about to cross down zero, indicating a bearish sign. RSI at 73, still in the overbought region indicating bearish opportunity. CCI is above 70, and in neutral region signaling a sideways movement. Another interesting point to notice here is that the candles are making higher lows which indicates a buying pressure.

BTCUSD 4hr price chart via tradingview

Oscillator indicators

Most of the oscillators are neutral. CCI is above 70, in neutral region. RSI still in overbought region around 73, 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)73.25Sell
Stochastic %K (14, 3, 3)72.75Neutral
Commodity Channel Index (20)70.38Neutral
Average Directional Index (14)68.38Neutral
Awesome Oscillator841.02Neutral
Momentum (10)259.21Buy
MACD Level (12, 26)360.41Buy
Stochastic RSI Fast (3, 3, 14, 14)9.95Neutral
Williams Percent Range (14)−27.88Neutral
Bull Bear Power449.02Neutral
Ultimate Oscillator (7, 14, 28)62.83Neutral

Moving Average Indicators

Moving average (MA) indicators are biased towards an uptrend. 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)11012.09Buy
Simple Moving Average (5)11003.14Buy
Exponential Moving Average (10)10905.10Buy
Simple Moving Average (10)11009.64Buy
Exponential Moving Average (20)10629.04Buy
Simple Moving Average (20)10570.07Buy
Exponential Moving Average (30)10407.64Buy
Simple Moving Average (30)10251.17Buy
Exponential Moving Average (50)10112.79Buy
Simple Moving Average (50)9929.74Buy
Exponential Moving Average (100)9765.14Buy
Simple Moving Average (100)9556.45Buy
Exponential Moving Average (200)9534.91Buy
Simple Moving Average (200)9367.37Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)10491.56Neutral
Volume Weighted Moving Average (20)10635.53Buy
Hull Moving Average (9)11007.46Buy

Trade volume

Very low volumes observed in the last few candles indicating low volatility ahead. Volumes were less than 20 volume moving average which is 4.28k while the candles saw 1.9k.

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