Mudrex Price Analysis #52 Bitcoin (BTC/USD) – 16th April 2020

This is #52 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.


Market in last 24 hrs

  • BTC price movement yesterday was very volatile, moving between $6,450 – $7,150
  • $7,000 continues to act as a strong psychological resistance level
  • Price at time of publishing: $7,050
  • BTC’s market cap: $129 Billion

Trend analysis

Price should move sideways today. Oscillators are mostly neutral. CCI is in over-bought zone. RSI is over 50 but MACD is indicating a sell opportunity. Overall, momentum is neutral.
Another interesting point to notice is the correlation between US stock markets (S&P500, etc) and BTC price, which is at currently trending at its all time high.

  • Sideways today
  • Oscillator‘ indicators are mostly neutral. RSI is above 50 mark
  • Moving average‘ indicators are indicating buy opportunity, biased by the recent uptrend
BTCUSD 4hr price chart via tradingview

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.

Exponential Moving Average (5)6909.38Buy
Simple Moving Average (5)6845.75Buy
Exponential Moving Average (10)6862.80Buy
Simple Moving Average (10)6823.48Buy
Exponential Moving Average (20)6857.10Buy
Simple Moving Average (20)6840.04Buy
Exponential Moving Average (30)6872.92Buy
Simple Moving Average (30)6850.22Buy
Exponential Moving Average (50)6889.13Buy
Simple Moving Average (50)6952.47Buy
Exponential Moving Average (100)6850.02Buy
Simple Moving Average (100)6884.83Buy
Exponential Moving Average (200)6943.48Buy
Simple Moving Average (200)6451.99Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)6837.73Neutral
Volume Weighted Moving Average (20)6827.86Buy
Hull Moving Average (9)6975.07Buy

Oscillator indicators

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

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)57.91Neutral
Stochastic %K (14, 3, 3)79.27Neutral
Commodity Channel Index (20)141.90Sell
Average Directional Index (14)19.91Neutral
Awesome Oscillator−27.98Neutral
Momentum (10)142.24Sell
MACD Level (12, 26)−9.06Buy
Stochastic RSI Fast (3, 3, 14, 14)99.61Neutral
Williams Percent Range (14)−21.42Neutral
Bull Bear Power297.55Neutral
Ultimate Oscillator (7, 14, 28)54.83Neutral

What the price charts say…

Price is again above the important resistance level $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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