Mudrex Price Analysis #129 Bitcoin (BTC/USD) – 5th 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 below the midline Bollinger Band
  • Price volatility was high. The market moved ~4%, between $11.44k and $11k

Today’s Trend analysis

  • BTCUSD expected to see an uptrend as after squeezing of Bollinger Band it is followed by expansion and breakout
  • Price at time of publishing: $11,404
  • BTC’s market cap: $210 Billion
  • Oscillator indicators are mostly neutral. RSI at 56
  • Moving average indicators are biased towards an uptrend. Ichimoku Cloud is neutral
  • Volume indicators observed a constant volume in the recent candles.

Price expected to see an uptrend and breakout is indicated as Bollinger Band will see expansion after squeezes. Most of the Oscillator indicators are neutral. MACD histogram is negative, size decreasing in the negative region about to cross up zero indicating an uptrend. RSI at 56, above the midline with an upmove indicating an uptrend. CCI at 151, in the overbought region increasing upwards. Another interesting point to notice here is that from last few candles Bollinger Band has started to squeeze.

BTCUSD 4hr price chart via tradingview

Oscillator indicators

Most of the oscillators are neutral. CCI at 141, in the overbought region. RSI above the midline around 56 in the neutral region.

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)56.19Neutral
Stochastic %K (14, 3, 3)66.89Neutral
Commodity Channel Index (20)141.93Neutral
Average Directional Index (14)25.74Neutral
Awesome Oscillator−56.06Neutral
Momentum (10)−21.13Sell
MACD Level (12, 26)19.12Sell
Stochastic RSI Fast (3, 3, 14, 14)67.60Neutral
Williams Percent Range (14)−18.02Neutral
Bull Bear Power170.55Neutral
Ultimate Oscillator (7, 14, 28)59.94Neutral

Moving Average Indicators

Moving average (MA) indicators are neutral. 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)11292.04Buy
Simple Moving Average (5)11266.18Buy
Exponential Moving Average (10)11272.57Buy
Simple Moving Average (10)11247.00Buy
Exponential Moving Average (20)11270.80Buy
Simple Moving Average (20)11232.35Buy
Exponential Moving Average (30)11232.97Buy
Simple Moving Average (30)11354.53Buy
Exponential Moving Average (50)11069.17Buy
Simple Moving Average (50)11234.71Buy
Exponential Moving Average (100)10629.16Buy
Simple Moving Average (100)10435.70Buy
Exponential Moving Average (200)10134.21Buy
Simple Moving Average (200)9818.56Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)11329.80Neutral
Volume Weighted Moving Average (20)11254.79Buy
Hull Moving Average (9)11298.10Buy

Trade volume

In recent few candles, the volume has been the same way below the 20 candle moving average. The volume has moved between 760 and 570 while the 20 candle moving average has been 1.27k.

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