Mudrex Price Analysis #69 Bitcoin (BTC/USD) – 7th 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 volatility was relatively wrt last week. Overall market moved 400 points, between $9.0k and $9.4k
  • Price at time of publishing: $9,440
  • BTC’s market cap: $172 Billion

Today’s Trend analysis

Price should trend sideways today. Oscillators are neutral but compared to yesterday many have now flipped to indicate a sideways trend. MACD is above 0 but RSI and CCI are in over bought zone, indicating a trend reversal is possible.
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)9292.96Buy
Simple Moving Average (5)9281.31Buy
Exponential Moving Average (10)9223.12Buy
Simple Moving Average (10)9229.36Buy
Exponential Moving Average (20)9110.14Buy
Simple Moving Average (20)9056.67Buy
Exponential Moving Average (30)9011.69Buy
Simple Moving Average (30)9006.59Buy
Exponential Moving Average (50)8804.97Buy
Simple Moving Average (50)8920.68Buy
Exponential Moving Average (100)8353.26Buy
Simple Moving Average (100)8171.57Buy
Exponential Moving Average (200)7867.81Buy
Simple Moving Average (200)7592.05Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)8973.19Neutral
Volume Weighted Moving Average (20)9086.54Buy
Hull Moving Average (9)9333.03Buy

Oscillator indicators

Oscillators are mostly neutral today and many have flipped to indicate neutral trend. Sideways 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)63.78Neutral
Stochastic %K (14, 3, 3)84.84Neutral
Commodity Channel Index (20)107.27Neutral
Average Directional Index (14)30.78Neutral
Awesome Oscillator296.57Neutral
Momentum (10)316.54Buy
MACD Level (12, 26)145.88Buy
Stochastic RSI Fast (3, 3, 14, 14)71.76Neutral
Williams Percent Range (14)−10.12Neutral
Bull Bear Power310.40Neutral
Ultimate Oscillator (7, 14, 28)53.61Neutral

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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