This is #49 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
- BTC price moved almost 700 points yesterday, moving as high at &7,200 and then as low as $6,500
- $7,000 continues to act as a strong psychological resistance level
- Price at time of publishing: $6,675
- BTC’s market cap: $121 Billion
Trend analysis
Price should continue the downtrend today. Oscillators, including MACD, are indicating a downtrend today.
Another interesting point to notice is that the US stock markets (S&P500, etc) are up-trending since a last few days. Investor sentiment in traditional market seems to be improving and we have seen BTC following these markets.
- Weak downtrend today
- Many ‘Oscillator‘ indicators are neutral, but with a bias towards sell side. RSI is below 50
- ‘Moving average‘ indicators are indicating sell opportunity, biased by the recent downtrend
Moving Average Indicators
Moving average indicator values have been converging as volatility has been low in past few weeks. Now, small change in BTC price is resulting in huge flips. Ichimoku Cloud is neutral and Hull MA is indicating a buy 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 |
| 2 | 1 | 14 |
| Name | Value | Action |
|---|---|---|
| Exponential Moving Average (5) | 6776.03 | Sell |
| Simple Moving Average (5) | 6827.28 | Sell |
| Exponential Moving Average (10) | 6832.42 | Sell |
| Simple Moving Average (10) | 6858.68 | Sell |
| Exponential Moving Average (20) | 6901.04 | Sell |
| Simple Moving Average (20) | 6867.51 | Sell |
| Exponential Moving Average (30) | 6937.94 | Sell |
| Simple Moving Average (30) | 7007.36 | Sell |
| Exponential Moving Average (50) | 6937.17 | Sell |
| Simple Moving Average (50) | 7056.48 | Sell |
| Exponential Moving Average (100) | 6851.36 | Sell |
| Simple Moving Average (100) | 6763.08 | Sell |
| Exponential Moving Average (200) | 6963.59 | Sell |
| Simple Moving Average (200) | 6406.55 | Buy |
| Ichimoku Cloud Base Line (9, 26, 52, 26) | 6964.14 | Neutral |
| Volume Weighted Moving Average (20) | 6881.42 | Sell |
| Hull Moving Average (9) | 6686.81 | Buy |
Oscillator indicators
Oscillators are mostly neutral, with a strong bias toward sell side. Compared to yesterday, many indicators have now flipped to indicate sell opportunity, hence price should move down today.
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. RSI is above 50 and MACD is pointing towards a buy opportunity.
| Buy | Neutral | Sell |
| 0 | 8 | 3 |
| Name | Value | Action |
|---|---|---|
| Relative Strength Index (14) | 38.95 | Neutral |
| Stochastic %K (14, 3, 3) | 21.15 | Neutral |
| Commodity Channel Index (20) | −152.07 | Neutral |
| Average Directional Index (14) | 30.64 | Neutral |
| Awesome Oscillator | −185.11 | Sell |
| Momentum (10) | −119.03 | Sell |
| MACD Level (12, 26) | −78.88 | Sell |
| Stochastic RSI Fast (3, 3, 14, 14) | 6.42 | Neutral |
| Williams Percent Range (14) | −79.44 | Neutral |
| Bull Bear Power | −292.51 | Neutral |
| Ultimate Oscillator (7, 14, 28) | 43.53 | Neutral |
What the price charts say…
Price is again below the important resistance levels like $7,000. There have been many unpredictable volume bumps, which coincide with drastic change in price. Bitcoin continues to be very volatile, hence investors should be cautious.
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