This is #37 of 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 here.
Summary
Market
- Price has moved up by 10% in last 24 hours. Another bull trap?
- Price at time of publishing: $6,700
- BTC’s market cap: $123 Billion
Trend analysis
After the consolidation from last few days, we are seeing an uptick again, which is accompanied by trade volume increase. This could be another bull trap, similar to the one we saw on 19th-20th March.
Traditional markets are still under control of bears and we have observed that Bitcoin has been following the same trend.
Note: Below analysis would hold true if we do not encounter sudden jump in trade volume.
- Sideways or we may we a pullback to under $6,400 mark
- After today’s 10% gain, ‘Moving average‘ indicators are indicating a buy situation, but
- ‘Oscillator‘ indicators are mostly neutral, confirming that the current price action lacks momentum, hence could be short lived
Moving Average Indicators
MAs are mixed. After the price pickup today, almost all short and mid term MAs are indicating buy opportunity but long terms MAs are indicating sell 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.
| Buy | Neutral | Sell |
| 13 | 1 | 3 |
| Name | Value | Action |
|---|---|---|
| Exponential Moving Average (5) | 6569.80 | Buy |
| Simple Moving Average (5) | 6609.59 | Buy |
| Exponential Moving Average (10) | 6430.50 | Buy |
| Simple Moving Average (10) | 6329.56 | Buy |
| Exponential Moving Average (20) | 6284.58 | Buy |
| Simple Moving Average (20) | 6238.82 | Buy |
| Exponential Moving Average (30) | 6192.06 | Buy |
| Simple Moving Average (30) | 6261.70 | Buy |
| Exponential Moving Average (50) | 6152.79 | Buy |
| Simple Moving Average (50) | 5877.20 | Buy |
| Exponential Moving Average (100) | 6515.01 | Buy |
| Simple Moving Average (100) | 6318.03 | Buy |
| Exponential Moving Average (200) | 7287.55 | Sell |
| Simple Moving Average (200) | 7722.00 | Sell |
| Ichimoku Cloud Base Line (9, 26, 52, 26) | 6311.21 | Neutral |
| Volume Weighted Moving Average (20) | 6252.27 | Buy |
| Hull Moving Average (9) | 6799.87 | Sell |
Oscillator indicators
Most oscillators are neutral, indicating no particular strong momentum. The current price action lacks momentum, hence could be short lived. Possibly its a bull trap.
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.
| Buy | Neutral | Sell |
| 3 | 5 | 3 |
| Name | Value | Action |
|---|---|---|
| Relative Strength Index (14) | 62.53 | Neutral |
| Stochastic %K (14, 3, 3) | 86.56 | Sell |
| Commodity Channel Index (20) | 120.00 | Sell |
| Average Directional Index (14) | 19.49 | Neutral |
| Awesome Oscillator | 422.19 | Buy |
| Momentum (10) | 778.06 | Buy |
| MACD Level (12, 26) | 169.27 | Buy |
| Stochastic RSI Fast (3, 3, 14, 14) | 91.78 | Sell |
| Williams Percent Range (14) | −21.18 | Neutral |
| Bull Bear Power | 592.44 | Neutral |
| Ultimate Oscillator (7, 14, 28) | 51.47 | Neutral |
Price Action
The sudden 10% jump in price was accompanied by rise in trade volume.
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