Mudrex Price Analysis #131 Bitcoin (BTC/USD) – 6th 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 saw an uptrend with rejection at 11.8k
  • Price volatility was high. The market moved ~4.76%, between $11.8k and $11.28k

Today’s Trend analysis

  • BTCUSD expected to move sideways as Bollinger Band saw an expansion and upper band acted as resistance
  • Price at time of publishing: $11,733
  • BTC’s market cap: $216 Billion
  • Oscillator indicators are mostly neutral. RSI at 63
  • Moving average indicators are biased towards an uptrend. Ichimoku Cloud is neutral
  • Volume indicators observed a decrease in the volume in the recent candles.

Price expected to move sideways as Bollinger Band expands and Upper band acting as resistance. Most of the Oscillator indicators are neutral. MACD histogram is positive, size increasing in the positive region crossed up the signal line. RSI at 63, above the midline with an upmove in the neutral region. CCI at 116, in the overbought region decreasing from the last few candles. Another interesting point to notice here is that from last few candles Bollinger Band has started to expand and also upper line to act as resistance.

BTCUSD 4hr price chart via tradingview

Oscillator indicators

Most of the oscillators are neutral. CCI at 116, still in the overbought region. RSI above the midline around 63 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)63.14Neutral
Stochastic %K (14, 3, 3)82.68Neutral
Commodity Channel Index (20)115.43Neutral
Average Directional Index (14)19.10Neutral
Awesome Oscillator290.35Buy
Momentum (10)480.61Sell
MACD Level (12, 26)121.47Buy
Stochastic RSI Fast (3, 3, 14, 14)78.56Neutral
Williams Percent Range (14)−12.79Neutral
Bull Bear Power357.70Neutral
Ultimate Oscillator (7, 14, 28)66.09Neutral

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)11653.73Buy
Simple Moving Average (5)11687.38Buy
Exponential Moving Average (10)11564.96Buy
Simple Moving Average (10)11526.93Buy
Exponential Moving Average (20)11460.99Buy
Simple Moving Average (20)11393.61Buy
Exponential Moving Average (30)11384.63Buy
Simple Moving Average (30)11402.02Buy
Exponential Moving Average (50)11202.41Buy
Simple Moving Average (50)11318.49Buy
Exponential Moving Average (100)10749.58Buy
Simple Moving Average (100)10586.66Buy
Exponential Moving Average (200)10225.07Buy
Simple Moving Average (200)9896.66Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)11329.80Neutral
Volume Weighted Moving Average (20)11451.61Buy
Hull Moving Average (9)11751.15Sell

Trade volume

In recent few candles, the volume has been decreasing with the 20 candle moving average being constant. The volume has moved between 5.59k and 1.39k while the 20 candle moving average has been 2.3k.

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