Mudrex Price Analysis #66 Bitcoin (BTC/USD) – 4th May 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 relatively less volatile with trade volumes decreasing. Market moved 550 points, between $8.5k to $9.1k
  • Price at time of publishing: $8,830
  • BTC’s market cap: $162 Billion

Today’s Trend analysis

Price should trend sideways today. Oscillators are neutral. MACD is indicating a sell opportunity. CCI and RSI both are near mid-zone.No strong momentum in either direction.
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.

BTCUSD 4hr price chart via tradingview

Moving Average Indicators

Moving average indicator values have been spread over a huge range as volatility has been very high in past few weeks. All long term MAs are indicating a buying opportunity. 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)8780.70Buy
Simple Moving Average (5)8766.15Buy
Exponential Moving Average (10)8817.31Buy
Simple Moving Average (10)8871.88Sell
Exponential Moving Average (20)8794.32Buy
Simple Moving Average (20)8866.77Sell
Exponential Moving Average (30)8698.63Buy
Simple Moving Average (30)8863.09Sell
Exponential Moving Average (50)8468.12Buy
Simple Moving Average (50)8430.60Buy
Exponential Moving Average (100)8026.51Buy
Simple Moving Average (100)7817.37Buy
Exponential Moving Average (200)7625.07Buy
Simple Moving Average (200)7373.24Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)8818.56Neutral
Volume Weighted Moving Average (20)8863.49Sell
Hull Moving Average (9)8667.74Buy

Oscillator indicators

Oscillators are mostly neutral today. No strong momentum in either direction.

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)53.24Neutral
Stochastic %K (14, 3, 3)29.26Neutral
Commodity Channel Index (20)−31.54Neutral
Average Directional Index (14)32.96Neutral
Awesome Oscillator1.47Neutral
Momentum (10)−164.66Sell
MACD Level (12, 26)81.00Sell
Stochastic RSI Fast (3, 3, 14, 14)10.63Neutral
Williams Percent Range (14)−57.21Neutral
Bull Bear Power−109.70Buy
Ultimate Oscillator (7, 14, 28)53.64Neutral

What the price charts say…

Price has started consolidating with decrease in volume. Halving, which is due in a week, probably is showing its impact and the volatility currently is high from last week. 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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