Mudrex Price Analysis #56 Bitcoin (BTC/USD) – 22nd 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

  • As predicted yesterday, BTCUSD price consolidated yesterday
  • Price is above to important psychological resistance level of $7,000
  • Price at time of publishing: $7,050
  • BTC’s market cap: $129 Billion

Today’s Trend analysis

Price should trend up today Oscillators are mostly neutral but compared to yesterday, some have shifted to buy side. CCI is closing 50 and RSI is above 50 mark. MACD is indicating a buy opportunity. Overall, weak up-trending momentum is forming.
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.

  • Weak uptrend today
  • Oscillator‘ indicators are mostly neutral. RSI is above mark
  • Moving average‘ indicators indicating buying 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)6967.84Buy
Simple Moving Average (5)6942.66Buy
Exponential Moving Average (10)6946.27Buy
Simple Moving Average (10)6900.83Buy
Exponential Moving Average (20)6967.65Buy
Simple Moving Average (20)6980.94Buy
Exponential Moving Average (30)6981.45Buy
Simple Moving Average (30)7040.95Buy
Exponential Moving Average (50)6984.45Buy
Simple Moving Average (50)6991.80Buy
Exponential Moving Average (100)6943.30Buy
Simple Moving Average (100)7027.82Buy
Exponential Moving Average (200)6972.85Buy
Simple Moving Average (200)6749.76Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)7030.14Neutral
Volume Weighted Moving Average (20)6899.42Buy
Hull Moving Average (9)7000.88Buy

Oscillator indicators

Oscillators are mostly neutral today. Compared to yesterday, some indicators have now flipped to indicate buy 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)55.50Neutral
Stochastic %K (14, 3, 3)51.75Neutral
Commodity Channel Index (20)46.35Neutral
Average Directional Index (14)22.60Buy
Awesome Oscillator−118.86Neutral
Momentum (10)224.56Sell
MACD Level (12, 26)−28.63Buy
Stochastic RSI Fast (3, 3, 14, 14)71.20Neutral
Williams Percent Range (14)−28.08Neutral
Bull Bear Power126.39Neutral
Ultimate Oscillator (7, 14, 28)52.55Neutral

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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