Mudrex Price Analysis #58 Bitcoin (BTC/USD) – 24th 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

  • BTCUSD price consolidated, moving in range of 200 points around $7,550
  • Price at time of publishing: $7,500
  • BTC’s market cap: $138 Billion

Today’s Trend analysis

Price should consolidate today. Oscillators are mostly neutral but with a slight bias towards buy side. MACD is indicating a buy opportunity but CCI and RSI both are already in or are near over-bought zone. A trend reversal is just around the corner, which is making the uptrend momentum weak.
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 today
  • Oscillator‘ indicators are mostly neutral. CCI is over-bought zone
  • 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 selling 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)7510.92Buy
Simple Moving Average (5)7552.29Sell
Exponential Moving Average (10)7402.88Buy
Simple Moving Average (10)7377.44Buy
Exponential Moving Average (20)7264.59Buy
Simple Moving Average (20)7153.69Buy
Exponential Moving Average (30)7196.33Buy
Simple Moving Average (30)7113.16Buy
Exponential Moving Average (50)7125.32Buy
Simple Moving Average (50)7112.97Buy
Exponential Moving Average (100)7027.36Buy
Simple Moving Average (100)7042.13Buy
Exponential Moving Average (200)7013.52Buy
Simple Moving Average (200)6807.94Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)7267.46Neutral
Volume Weighted Moving Average (20)7224.72Buy
Hull Moving Average (9)7645.56Sell

Oscillator indicators

Oscillators are mostly neutral today. The previous uptrend is now weak and we should see a downtrend soon.

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)66.73Neutral
Stochastic %K (14, 3, 3)75.82Neutral
Commodity Channel Index (20)104.32Sell
Average Directional Index (14)30.62Neutral
Awesome Oscillator423.10Buy
Momentum (10)425.68Buy
MACD Level (12, 26)146.99Buy
Stochastic RSI Fast (3, 3, 14, 14)87.43Neutral
Williams Percent Range (14)−27.46Neutral
Bull Bear Power426.33Neutral
Ultimate Oscillator (7, 14, 28)58.99Neutral

What the price charts say…

Price saw a sudden upward movement yesterday, moving up by 600 points, as high as $7,750. 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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