Mudrex Price Analysis #68 Bitcoin (BTC/USD) – 6th 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 price movement was less volatile till the last 4H candles where price jumped up with an increase in trade volume. Overall market moved 600 points, between $8.8k and $9.4k
  • Price at time of publishing: $9,310
  • BTC’s market cap: $167 Billion

Today’s Trend analysis

Price should trend upward today. Oscillators are neutral but compared to yesterday many have now flipped to indicate a upward trend. MACD is above 0, confirming an uptrend. RSI is near 70 and CCI is above 200, confirming that the uptrend is strong.
Another interesting point to notice is the affect of Halving-Hype and the impact of the same on BTC and other Crypto tokens. 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)9181.93Buy
Simple Moving Average (5)9145.67Buy
Exponential Moving Average (10)9073.36Buy
Simple Moving Average (10)9024.76Buy
Exponential Moving Average (20)8972.40Buy
Simple Moving Average (20)8930.03Buy
Exponential Moving Average (30)8882.63Buy
Simple Moving Average (30)8920.28Buy
Exponential Moving Average (50)8678.50Buy
Simple Moving Average (50)8743.70Buy
Exponential Moving Average (100)8236.51Buy
Simple Moving Average (100)8038.68Buy
Exponential Moving Average (200)7781.24Buy
Simple Moving Average (200)7518.59Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)8951.00Neutral
Volume Weighted Moving Average (20)8944.36Buy
Hull Moving Average (9)9277.41Buy

Oscillator indicators

Oscillators are mostly neutral today. with a bias towards sell side. Strong upward momentum has built.

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)67.55Neutral
Stochastic %K (14, 3, 3)92.88Neutral
Commodity Channel Index (20)219.87Sell
Average Directional Index (14)30.78Neutral
Awesome Oscillator209.26Buy
Momentum (10)472.00Buy
MACD Level (12, 26)127.26Buy
Stochastic RSI Fast (3, 3, 14, 14)95.84Neutral
Williams Percent Range (14)−2.43Neutral
Bull Bear Power629.23Neutral
Ultimate Oscillator (7, 14, 28)64.17Neutral

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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