Mudrex Price Analysis #128 Bitcoin (BTC/USD) – 4th 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 with rejection from midline Bollinger Band
  • Price volatility was high. Market moved ~3.25%, between $11.48k and $11.12k

Today’s Trend analysis

Price expected to see a sideways movement as price got rejected from midline 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 with a slight dowmove indicating a downtrend. CCI at -37, still in neutral region suggesting a sideways movement. Another interesting point to notice here is that there are lower highs observed suggesting less buying pressure.

BTCUSD 4hr price chart via tradingview

Oscillator indicators

Most of the oscillators are neutral. CCI at -33, still in the neutral region. RSI still around midline around 49.

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)51.06Neutral
Stochastic %K (14, 3, 3)46.82Neutral
Commodity Channel Index (20)−33.71Neutral
Average Directional Index (14)28.29Neutral
Awesome Oscillator40.19Neutral
Momentum (10)78.75Buy
MACD Level (12, 26)36.03Sell
Stochastic RSI Fast (3, 3, 14, 14)28.87Neutral
Williams Percent Range (14)−53.38Neutral
Bull Bear Power−47.23Buy
Ultimate Oscillator (7, 14, 28)56.22Neutral

Moving Average Indicators

Moving average (MA) indicators are neutral. 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)11284.11Sell
Simple Moving Average (5)11298.68Sell
Exponential Moving Average (10)11290.12Sell
Simple Moving Average (10)11251.78Buy
Exponential Moving Average (20)11288.60Sell
Simple Moving Average (20)11391.34Sell
Exponential Moving Average (30)11227.76Buy
Simple Moving Average (30)11329.25Sell
Exponential Moving Average (50)11023.10Buy
Simple Moving Average (50)11158.56Buy
Exponential Moving Average (100)10551.86Buy
Simple Moving Average (100)10310.87Buy
Exponential Moving Average (200)10066.22Buy
Simple Moving Average (200)9755.02Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)11329.80Neutral
Volume Weighted Moving Average (20)11442.81Sell
Hull Moving Average (9)11284.66Sell

Trade volume

In recent few candles, the volume decreased from 3.96k to 0.99k which also moved below the 20 candles moving average. There was a spike in volume observed when it got rejected from midline Bollinger Band.

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