Mudrex Price Analysis #53 Bitcoin (BTC/USD) – 17th April 2020

This is #53 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

  • As predicted, BTC price consolidated in range $6,960 – $7,200
  • $7,000 has been breached for now
  • Price at time of publishing: $7,060
  • BTC’s market cap: $130 Billion

Today’s Trend analysis

Price should move sideways today with increased volatility. Oscillators are mostly neutral. CCI is now below over-bought zone. RSI is close to 60 but MACD is indicating a buy 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 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)7060.79Buy
Simple Moving Average (5)7071.05Sell
Exponential Moving Average (10)7024.40Buy
Simple Moving Average (10)7054.85Buy
Exponential Moving Average (20)6970.13Buy
Simple Moving Average (20)6928.74Buy
Exponential Moving Average (30)6951.35Buy
Simple Moving Average (30)6890.46Buy
Exponential Moving Average (50)6936.87Buy
Simple Moving Average (50)6922.49Buy
Exponential Moving Average (100)6880.81Buy
Simple Moving Average (100)6930.15Buy
Exponential Moving Average (200)6953.13Buy
Simple Moving Average (200)6513.83Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)6845.80Neutral
Volume Weighted Moving Average (20)6935.39Buy
Hull Moving Average (9)7065.79Sell

Oscillator indicators

Oscillators are mostly neutral today. Compared to yesterday, some indicators have now flipped to indicate buy 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)57.45Neutral
Stochastic %K (14, 3, 3)79.61Neutral
Commodity Channel Index (20)68.91Neutral
Average Directional Index (14)19.49Neutral
Awesome Oscillator179.15Neutral
Momentum (10)400.80Buy
MACD Level (12, 26)53.31Buy
Stochastic RSI Fast (3, 3, 14, 14)83.58Neutral
Williams Percent Range (14)−21.02Neutral
Bull Bear Power110.55Neutral
Ultimate Oscillator (7, 14, 28)58.34Neutral

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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