Mudrex Price Analysis #55 Bitcoin (BTC/USD) – 21st April 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

  • Yesterday was a crazy day with Crude oil trading at 0.01 USD/barrel
  • BTC saw a steep fall to $6,750. After the recovery of Crude oil price, BTC started recovering too
  • Price at time of publishing: $6,840
  • BTC’s market cap: $126 Billion

Today’s Trend analysis

Price should consolidate today. Oscillators are mostly neutral but compared to yesterday, some have shifted to sell side. CCI is in over-sold zone and RSI is at 40. MACD is indicating a sell opportunity. Overall, down-trending momentum isn’t strong yet.
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.

  • Consolidation/Sideways today
  • Oscillator‘ indicators are mostly neutral. RSI is at 40 mark
  • Moving average‘ indicators indicating selling opportunity
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 buying 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)6885.99Sell
Simple Moving Average (5)6843.53Sell
Exponential Moving Average (10)6949.44Sell
Simple Moving Average (10)6979.38Sell
Exponential Moving Average (20)7005.60Sell
Simple Moving Average (20)7080.31Sell
Exponential Moving Average (30)7014.91Sell
Simple Moving Average (30)7079.54Sell
Exponential Moving Average (50)7004.90Sell
Simple Moving Average (50)6977.59Sell
Exponential Moving Average (100)6947.08Sell
Simple Moving Average (100)7019.72Sell
Exponential Moving Average (200)6976.92Sell
Simple Moving Average (200)6717.46Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)7030.14Neutral
Volume Weighted Moving Average (20)7001.17Sell
Hull Moving Average (9)6805.12Buy

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)40.32Neutral
Stochastic %K (14, 3, 3)21.06Neutral
Commodity Channel Index (20)−125.21Neutral
Average Directional Index (14)24.54Neutral
Awesome Oscillator−173.72Sell
Momentum (10)−312.64Buy
MACD Level (12, 26)−45.89Sell
Stochastic RSI Fast (3, 3, 14, 14)21.03Neutral
Williams Percent Range (14)−83.88Neutral
Bull Bear Power−283.53Neutral
Ultimate Oscillator (7, 14, 28)38.52Neutral

What the price charts say…

Price is again below 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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