This is #40 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.
- There was a sharp fall in price yesterday which bounced from the support of $5800 after which price and RSI saw a sharp rise.
- Price at time of publishing: $6,346.
- BTC’s market cap: $114 Billion.
BTC should see a rise in price as most of the moving averages are pointing towards buy opportunity. RSI saw a sharp rise and is now trying to break 50 level, indicating a strong upward trend. Might break the resistance at $6600 price mark. Strong upward trend if it breaks $7000 price level.
Note: Below analysis would hold true if we do not encounter sudden jump in trade volume.
- Upward trend today.
- ‘Moving averages‘ are indicating a buying opportunity, but ‘Oscillator‘ indicators are mostly neutral
- If it breaks $7000, strong upward trend as it’s the nearest psychological level.
Moving Average Indicators
Most of the MAs are pointing towards buy whereas 5 are pointing towards sell. Ichimoku Cloud indicator is neutral.
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)||6167||Buy|
|Simple Moving Average (5)||6074||Buy|
|Exponential Moving Average (10)||6165.16||Buy|
|Simple Moving Average (10)||6128.82||Buy|
|Exponential Moving Average (20)||6243.61||Buy|
|Simple Moving Average (20)||6267.04||Buy|
|Exponential Moving Average (30)||6286.67||Buy|
|Simple Moving Average (30)||6405.78||Sell|
|Exponential Moving Average (50)||6302.45||Buy|
|Simple Moving Average (50)||6382.47||Sell|
|Exponential Moving Average (100)||6455.58||Sell|
|Simple Moving Average (100)||5994.45||Buy|
|Exponential Moving Average (200)||7026.93||Sell|
|Simple Moving Average (200)||7158.79||Sell|
|Ichimoku Cloud Base Line (9, 26, 52, 26)||6363.46||Neutral|
|Volume Weighted Moving Average (20)||6252.73||Buy|
|Hull Moving Average (9)||6138.22||Buy|
Oscillators are neutral, indicating no particular strong momentum.
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)||51.06||Neutral|
|Stochastic %K (14, 3, 3)||62.53||Neutral|
|Commodity Channel Index (20)||13.77||Neutral|
|Average Directional Index (14)||21.57||Neutral|
|MACD Level (12, 26)||−94.60||Sell|
|Stochastic RSI Fast (3, 3, 14, 14)||87.79||Neutral|
|Williams Percent Range (14)||−9.71||Neutral|
|Bull Bear Power||198.92||Neutral|
|Ultimate Oscillator (7, 14, 28)||52.63||Neutral|
Price movement has mostly been flat with no major volume dip or jump.
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