This is #50 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.
- BTC price movement yesterday was restricted between $6,700 – $6,900
- $7,000 continues to act as a strong psychological resistance level
- Price at time of publishing: $6,835
- BTC’s market cap: $126 Billion
Price should continue the weak uptrend today, moving closer to $7,000. Oscillators, including MACD, are indicating a uptrend today, many of those till yesterday were indicating a downtrend. We can conclude that the upward momentum is getting stronger.
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 on a macro level.
- Weak uptrend today
- Many ‘Oscillator‘ indicators are neutral, but with a bias towards buy side. RSI is about to cross over 50 mark
- ‘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 sell 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)||6845.42||Sell|
|Simple Moving Average (5)||6849.75||Sell|
|Exponential Moving Average (10)||6846.95||Sell|
|Simple Moving Average (10)||6813.17||Buy|
|Exponential Moving Average (20)||6879.82||Sell|
|Simple Moving Average (20)||6857.84||Sell|
|Exponential Moving Average (30)||6910.40||Sell|
|Simple Moving Average (30)||6918.09||Sell|
|Exponential Moving Average (50)||6919.60||Sell|
|Simple Moving Average (50)||7063.70||Sell|
|Exponential Moving Average (100)||6851.79||Sell|
|Simple Moving Average (100)||6800.25||Buy|
|Exponential Moving Average (200)||6957.28||Sell|
|Simple Moving Average (200)||6377.70||Buy|
|Ichimoku Cloud Base Line (9, 26, 52, 26)||6882.60||Neutral|
|Volume Weighted Moving Average (20)||6850.10||Sell|
|Hull Moving Average (9)||6888.86||Sell|
Oscillators are mostly neutral, with a strong bias toward buy side. Compared to yesterday, many indicators have now flipped to indicate buy opportunity, hence price should move up 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.
|Relative Strength Index (14)||46.52||Neutral|
|Stochastic %K (14, 3, 3)||47.04||Neutral|
|Commodity Channel Index (20)||−15.91||Neutral|
|Average Directional Index (14)||24.45||Neutral|
|MACD Level (12, 26)||−48.68||Buy|
|Stochastic RSI Fast (3, 3, 14, 14)||47.54||Neutral|
|Williams Percent Range (14)||−56.34||Neutral|
|Bull Bear Power||−40.37||Sell|
|Ultimate Oscillator (7, 14, 28)||58.55||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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