Mudrex Price Analysis #63 Bitcoin (BTC/USD) – 30th 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 has been very volatile. Market moved more than 15%, between $8.1k to $9.5k. Second last 4H candle saw a movement of 8%
  • Price at time of publishing: $8,890
  • BTC’s market cap: $163 Billion

Today’s Trend analysis

Price should trend up today. Oscillators are neutral but with a strong bias towards buy side. MACD is indicating a buy opportunity. CCI and RSI both are in over-bought zone. A trend reversal is just around the corner.
Another interesting point to notice is the affect of Halving-Hype and the impact of the same on BTC and other Crypto token. We are observing an increased trade volume and price volatility.

  • Uptrend today
  • Oscillator‘ indicators are mostly neutral. RSI 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 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)8877.96Buy
Simple Moving Average (5)9000.79Sell
Exponential Moving Average (10)8656.13Buy
Simple Moving Average (10)8603.60Buy
Exponential Moving Average (20)8328.18Buy
Simple Moving Average (20)8167.31Buy
Exponential Moving Average (30)8122.60Buy
Simple Moving Average (30)7985.98Buy
Exponential Moving Average (50)7861.33Buy
Simple Moving Average (50)7730.40Buy
Exponential Moving Average (100)7523.44Buy
Simple Moving Average (100)7355.56Buy
Exponential Moving Average (200)7295.04Buy
Simple Moving Average (200)7064.29Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)8485.13Neutral
Volume Weighted Moving Average (20)8443.55Buy
Hull Moving Average (9)9205.09Sell

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)71.35Sell
Stochastic %K (14, 3, 3)72.03Neutral
Commodity Channel Index (20)96.93Neutral
Average Directional Index (14)55.95Neutral
Awesome Oscillator1039.52Buy
Momentum (10)1116.56Buy
MACD Level (12, 26)379.57Buy
Stochastic RSI Fast (3, 3, 14, 14)48.48Neutral
Williams Percent Range (14)−33.01Neutral
Bull Bear Power659.30Neutral
Ultimate Oscillator (7, 14, 28)63.81Neutral

What the price charts say…

Price saw a sudden upward movement yesterday, moving up by ~1500 points, as high as ~$9,500. 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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