Mudrex Price Analysis #127 Bitcoin (BTC/USD) – 3rd August 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 after a big fall
  • Price volatility was high. Market moved ~14.59%, between $12.1k and $10.55k

Today’s Trend analysis

  • BTCUSD expected to move sideways below bollinger mid-line
  • Price at time of publishing: $11,205
  • BTC’s market cap: $205 Billion
  • Oscillator indicators are mostly neutral. RSI at 49
  • Moving average indicators are biased towards uptrend. Ichimoku Cloud is neutral
  • Volume indicators are indicating no support for the downtrend as volumes decreased after the recent big red candle.

Price expected to see a sideways movement as price bounces from lower bollinger band. Most of the Oscillator indicators are neutral. MACD histogram is negative, size decreasing in the negative region indicating slowing downtrend. RSI at 49, around midline after a drop from 81 and recovered to reach the midline indicating an upmove. CCI at -56, still in neutral region suggesting a sideways movement. Another interesting point to notice here is that the price bounced from the lower bollinger band suggesting that the downtrend might not continue.

BTCUSD 4hr price chart via tradingview

Oscillator indicators

Most of the oscillators are neutral. CCI at -56, still in the neutral region. RSI around midline around 49 after a drop from 81.

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)49.25Neutral
Stochastic %K (14, 3, 3)40.02Neutral
Commodity Channel Index (20)−56.10Neutral
Average Directional Index (14)37.10Neutral
Awesome Oscillator−79.45Neutral
Momentum (10)−588.86Buy
MACD Level (12, 26)47.83Sell
Stochastic RSI Fast (3, 3, 14, 14)9.18Neutral
Williams Percent Range (14)−58.76Neutral
Bull Bear Power−189.89Buy
Ultimate Oscillator (7, 14, 28)56.63Neutral

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)11194.27Buy
Simple Moving Average (5)11159.74Buy
Exponential Moving Average (10)11258.77Sell
Simple Moving Average (10)11315.35Sell
Exponential Moving Average (20)11270.21Sell
Simple Moving Average (20)11385.15Sell
Exponential Moving Average (30)11185.46Buy
Simple Moving Average (30)11277.35Sell
Exponential Moving Average (50)10943.63Buy
Simple Moving Average (50)10995.28Buy
Exponential Moving Average (100)10454.19Buy
Simple Moving Average (100)10181.09Buy
Exponential Moving Average (200)9988.77Buy
Simple Moving Average (200)9691.88Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)11329.80Neutral
Volume Weighted Moving Average (20)11424.11Sell
Hull Moving Average (9)11116.33Buy

Trade volume

In recent few candles, the volume decreased below the 20 candle moving average. The drop candle saw huge volume of 6.2k more than thrice of the 20 candle average then at 1.98k. After the fall very low volumes were observed indicating no support for the downtrend to continue.

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