This is #41 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
- Yesterday’s first half saw a rise in BTC price, almost by 500 points, after which price started consolidating around $6,400
- Price at time of publishing: $6370
- BTC’s market cap: $118 Billion
Trend Analysis
BTC should continue consolidating today. Yesterday’s uptrend was not supported by a strong momentum as most of the oscillators were neutral. Today, some of those neutral indicators have switched their positions, but still neither bulls nor bears are overpowering the other. Indecisiveness in the market continues. RSI has started flattening and has maintained its value slightly above 50.
- Sideways today
- ‘Oscillator‘ indicators are mostly neutral, indicating market indecisiveness
- Short and mid term ‘Moving averages‘ indicators are indicating a buying opportunity. Price is currently near MA50
Moving Average Indicators
Short and mid term MAs are indicating a buy opportunity, whereas long terms MA’s are still 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.
| Buy | Neutral | Sell |
| 12 | 1 | 4 |
| Name | Value | Action |
| Exponential Moving Average (5) | 6413.54 | Buy |
| Simple Moving Average (5) | 6427.21 | Buy |
| Exponential Moving Average (10) | 6352.59 | Buy |
| Simple Moving Average (10) | 6303.86 | Buy |
| Exponential Moving Average (20) | 6328.61 | Buy |
| Simple Moving Average (20) | 6238.69 | Buy |
| Exponential Moving Average (30) | 6334.71 | Buy |
| Simple Moving Average (30) | 6361.09 | Buy |
| Exponential Moving Average (50) | 6330.38 | Buy |
| Simple Moving Average (50) | 6429 | Buy |
| Exponential Moving Average (100) | 6453.22 | Sell |
| Simple Moving Average (100) | 6050.52 | Buy |
| Exponential Moving Average (200) | 6992.5 | Sell |
| Simple Moving Average (200) | 7083.84 | Sell |
| Ichimoku Cloud Base Line (9, 26, 52, 26) | 6353.71 | Neutral |
| Volume Weighted Moving Average (20) | 6222.08 | Buy |
| Hull Moving Average (9) | 6490.62 | Sell |
Oscillator indicators
Most of the oscillators are still neutral. CCI and Stochastic RSI fast are pointing towards a sell opportunity. MACD is indicating an uptrend.
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 |
| 2 | 6 | 3 |
| Name | Value | Action |
| Relative Strength Index (14) | 56.24 | Neutral |
| Stochastic %K (14, 3, 3) | 76.68 | Neutral |
| Commodity Channel Index (20) | 108.33 | Sell |
| Average Directional Index (14) | 21.1 | Neutral |
| Awesome Oscillator | 44.65 | Buy |
| Momentum (10) | 536.32 | Sell |
| MACD Level (12, 26) | 6.87 | Buy |
| Stochastic RSI Fast (3, 3, 14, 14) | 99.27 | Sell |
| Williams Percent Range (14) | −24.03 | Neutral |
| Bull Bear Power | 249.92 | Neutral |
| Ultimate Oscillator (7, 14, 28) | 44.44 | Neutral |
What the charts say…
Price action shows clear signs of consolidation as the price range is narrowing with price is making both lower highs and higher lows. If RSI continues to maintain its values above 50, we will see an uptrend and bulls will try to test resistance level at $6,600.
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