This is #43 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
- As predicted, BTC was downtrending yesterday till 8PM UTC
- We saw a sudden price pump and BTC price went as high as $6,750. These sudden movements can’t be predicted
- Price at time of publishing: $6,715
- BTC’s market cap: $121 Billion
Trend analysis
After the sudden price pump yesterday, most of the moving averages have flipped and are indicating a buying opportunity now. MACD histogram is above 0 and MACD line is above signal line since the last 4 candles which confirms that the buyers have stepped in and they will dominate the market today.
Price is likely to stabilize between $6500-$6700 before the up-move starts.
- Weak uptrend today ?
- ‘Moving averages‘ indicators are indicating a strong buy signal
- ‘Oscillator‘ indicators are neutral with a bias toward buy signal
Moving Average Indicators
Most of the moving averages are pointing to give a buy signal. Ichimoku Cloud indicator is neutral. After yesterday’s downtrend, most of the moving average indicators have flipped to give a buy signal.
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) | 6578.17 | Buy |
| Simple Moving Average (5) | 6563.16 | Buy |
| Exponential Moving Average (10) | 6503.19 | Buy |
| Simple Moving Average (10) | 6451.42 | Buy |
| Exponential Moving Average (20) | 6436.66 | Buy |
| Simple Moving Average (20) | 6428.69 | Buy |
| Exponential Moving Average (30) | 6410.42 | Buy |
| Simple Moving Average (30) | 6325.16 | Buy |
| Exponential Moving Average (50) | 6381.27 | Buy |
| Simple Moving Average (50) | 6429.35 | Buy |
| Exponential Moving Average (100) | 6454.23 | Buy |
| Simple Moving Average (100) | 6207.8 | Buy |
| Exponential Moving Average (200) | 6931.73 | Sell |
| Simple Moving Average (200) | 6945.79 | Sell |
| Ichimoku Cloud Base Line (9, 26, 52, 26) | 6312.49 | Neutral |
| Volume Weighted Moving Average (20) | 6457.94 | Buy |
| Hull Moving Average (9) | 6733.73 | Sell |
Oscillator indicators
Most of the oscillators are still neutral today. Three of them which are Awesome Oscillator, momentum and MACD level are giving a buy signal.
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 | 6 | 2 |
| Name | Value | Action |
| Relative Strength Index (14) | 61.94 | Neutral |
| Stochastic %K (14, 3, 3) | 79.89 | Neutral |
| Commodity Channel Index (20) | 142.94 | Sell |
| Average Directional Index (14) | 21.25 | Neutral |
| Awesome Oscillator | 214.54 | Buy |
| Momentum (10) | 167.47 | Buy |
| MACD Level (12, 26) | 65.07 | Buy |
| Stochastic RSI Fast (3, 3, 14, 14) | 92.12 | Neutral |
| Williams Percent Range (14) | −19.48 | Sell |
| Bull Bear Power | 391.02 | Neutral |
| Ultimate Oscillator (7, 14, 28) | 59.99 | Neutral |
What the charts say
Price action shows clear signs of an uptrend as it has managed to break the resistance at $6600. If price manages to hold this level, it could target the next level which is $7000 which is also the next resistance level, from where it could see a pullback.
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