Mudrex Price Analysis #137 Bitcoin (BTC/USD) – 10th 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 a sudden spike and got rejected from 12.08k.
  • Price volatility was high. The market moved ~5.37%, between $12.08k and $11.47k

Today’s Trend analysis

  • BTCUSD expected to see a downtrend after rejecting from 12.08k as gap down is suggested.
  • Price at time of publishing: $11,724
  • BTC’s market cap: $216 Billion
  • Oscillator indicators are mostly neutral. RSI at 50.
  • Moving average indicators are biased towards a downtrend. 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 a downtrend after rejecting from 12.08k as Gap Down is observed from Bollinger Band squeeze. Most of the Oscillator indicators are neutral. MACD histogram is positive, but changing it’s direction frequently as MACD and the signal line are moving hand in hand. RSI at 50, around midline with a downmove in the neutral region. CCI at -8, in the neutral region, got back from overbought region with a value of 247. Another interesting point to notice here is that the candle moved out of upper band and saw it’s low same as it’s close suggesting a gap down and downtrend.

BTCUSD 4hr price chart via tradingview

Oscillator indicators

Most of the oscillators are neutral. CCI at -15, in the neutral region. RSI around the midline around 50 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)50.18Neutral
Stochastic %K (14, 3, 3)69.60Neutral
Commodity Channel Index (20)−15.91Neutral
Average Directional Index (14)19.59Neutral
Awesome Oscillator133.20Buy
Momentum (10)−25.71Buy
MACD Level (12, 26)68.68Buy
Stochastic RSI Fast (3, 3, 14, 14)67.33Neutral
Williams Percent Range (14)−68.42Neutral
Bull Bear Power24.88Neutral
Ultimate Oscillator (7, 14, 28)57.96Neutral

Moving Average Indicators

Moving average (MA) indicators a slight downtrend. 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)11801.73Sell
Simple Moving Average (5)11807.44Sell
Exponential Moving Average (10)11769.68Sell
Simple Moving Average (10)11754.15Sell
Exponential Moving Average (20)11721.35Sell
Simple Moving Average (20)11712.69Sell
Exponential Moving Average (30)11668.44Buy
Simple Moving Average (30)11723.02Sell
Exponential Moving Average (50)11531.61Buy
Simple Moving Average (50)11527.88Buy
Exponential Moving Average (100)11124.72Buy
Simple Moving Average (100)11137.95Buy
Exponential Moving Average (200)10546.80Buy
Simple Moving Average (200)10203.49Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)11649.50Neutral
Volume Weighted Moving Average (20)11701.84Sell
Hull Moving Average (9)11942.66Sell

Trade volume

In recent few candles, the volume has seen ups and downs with the 20 candle moving average being constant. The volume saw a spike when the candle moved out of upper band with increasing again in the red candles. The volume moved between 5.62k and 1.65k with the 20-candle moving average being around 2.42k.

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