Mudrex Price Analysis #65 Bitcoin (BTC/USD) – 3rd May 2020

This is 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.


Market in last 24 hrs

  • BTCUSD has been relatively less volatile with trade volumes decreasing. Market moved 500 points, between $8.7k to $9.2k
  • Price at time of publishing: $8,890
  • BTC’s market cap: $163 Billion

Today’s Trend analysis

Price should trend sideways today. Oscillators are neutral. MACD is indicating a sell opportunity. CCI and RSI both are near mid-zone.No strong momentum in either direction.
Another interesting point to notice is the affect of Halving-Hype and the impact of the same on BTC and other Crypto token. We are observing an increased trade volume and price volatility.

BTCUSD 4hr price chart via tradingview

Moving Average Indicators

Moving average indicator values have been spread over a huge range as volatility has been very high in past few weeks. All long term MAs are indicating a buying opportunity. Ichimoku Cloud is neutral and Hull MA is indicating a selling 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.

Exponential Moving Average (5)8920.41Sell
Simple Moving Average (5)8975.33Sell
Exponential Moving Average (10)8914.73Sell
Simple Moving Average (10)8933.70Sell
Exponential Moving Average (20)8814.09Buy
Simple Moving Average (20)8860.24Buy
Exponential Moving Average (30)8672.28Buy
Simple Moving Average (30)8737.47Buy
Exponential Moving Average (50)8402.06Buy
Simple Moving Average (50)8308.85Buy
Exponential Moving Average (100)7948.59Buy
Simple Moving Average (100)7732.39Buy
Exponential Moving Average (200)7566.47Buy
Simple Moving Average (200)7314.68Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)8812.98Neutral
Volume Weighted Moving Average (20)8859.25Buy
Hull Moving Average (9)8928.70Sell

Oscillator indicators

Oscillators are mostly neutral today. Compared to yesterday, some indicators have now flipped to indicate sell opportunity.

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.

Relative Strength Index (14)55.26Neutral
Stochastic %K (14, 3, 3)45.69Neutral
Commodity Channel Index (20)5.68Neutral
Average Directional Index (14)43.67Neutral
Awesome Oscillator382.45Neutral
Momentum (10)32.11Sell
MACD Level (12, 26)171.14Sell
Stochastic RSI Fast (3, 3, 14, 14)14.62Neutral
Williams Percent Range (14)−62.39Neutral
Bull Bear Power−108.43Buy
Ultimate Oscillator (7, 14, 28)50.67Neutral

What the price charts say…

Price has started consolidating with decrease in volume. Halving, which is due in a week, probably is showing its impact and the volatility currently is high. 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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