Mudrex Price Analysis #132 Bitcoin (BTC/USD) – 7th 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 a lot fluctuation in price
  • Price volatility was low. The market moved ~2.2%, between $11.9k and $11.65k

Today’s Trend analysis

  • BTCUSD expected to see an uptrend after rejecting from 11.9k as Bollinger Band expands.
  • Price at time of publishing: $11,765
  • BTC’s market cap: $217 Billion
  • Oscillator indicators are mostly neutral. RSI at 62
  • Moving average indicators are biased towards an uptrend. Ichimoku Cloud is neutral
  • Volume indicators observed ups and downs in the volume with the 20-candle moving average remaining the same.

Price expected to see an uptrend further with Bollinger Band expanding and Conversion Line above the Base Line. Most of the Oscillator indicators are neutral. MACD histogram is positive, size decreasing in the positive region might cross down signal line. RSI at 63, above the midline with a downmove in the neutral region. CCI at 61, in the neutral 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 conversion line is above the base line.

BTCUSD 4hr price chart via tradingview

Oscillator indicators

Most of the oscillators are neutral. CCI at 61, in the neutral region. RSI above the midline around 62 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)62.37Neutral
Stochastic %K (14, 3, 3)86.03Neutral
Commodity Channel Index (20)71.05Neutral
Average Directional Index (14)15.62Neutral
Awesome Oscillator373.97Neutral
Momentum (10)146.95Sell
MACD Level (12, 26)149.26Buy
Stochastic RSI Fast (3, 3, 14, 14)70.40Neutral
Williams Percent Range (14)−16.05Sell
Bull Bear Power196.36Neutral
Ultimate Oscillator (7, 14, 28)60.24Neutral

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)11798.07Buy
Simple Moving Average (5)11816.97Sell
Exponential Moving Average (10)11740.77Buy
Simple Moving Average (10)11770.37Buy
Exponential Moving Average (20)11622.48Buy
Simple Moving Average (20)11553.17Buy
Exponential Moving Average (30)11528.08Buy
Simple Moving Average (30)11443.42Buy
Exponential Moving Average (50)11334.28Buy
Simple Moving Average (50)11404.80Buy
Exponential Moving Average (100)10870.74Buy
Simple Moving Average (100)10738.82Buy
Exponential Moving Average (200)10318.02Buy
Simple Moving Average (200)9978.30Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)11460.40Neutral
Volume Weighted Moving Average (20)11614.09Buy
Hull Moving Average (9)11826.80Sell

Trade volume

In recent few candles, the volume has seen ups and downs with the 20 candle moving average being constant. The volume has moved between 4.34k and 1.63k while the 20 candle moving average has been 2.54k.

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