Mudrex Price Analysis #73 Bitcoin (BTC/USD) – 12th 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 saw a sudden downward movement with volume surge. Overall market moved 12%, between $8.2k and $9.2k
  • Price at time of publishing: $8,740
  • BTC’s market cap: $161 Billion

Today’s Trend analysis

Price should trend sideways today. Oscillators are neutral and compared to yesterday few more have now flipped to indicate sideways momentum. MACD is at -163, far below 0 and RSI & CCI are near neutral zone, indicating that neither bulls nor bears have enough control to drive the market.
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. Most 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)8837.28Buy
Simple Moving Average (5)8813.10Buy
Exponential Moving Average (10)8887.51Sell
Simple Moving Average (10)8753.39Buy
Exponential Moving Average (20)9044.99Sell
Simple Moving Average (20)9199.07Sell
Exponential Moving Average (30)9105.46Sell
Simple Moving Average (30)9337.24Sell
Exponential Moving Average (50)9061.21Sell
Simple Moving Average (50)9177.26Sell
Exponential Moving Average (100)8717.13Buy
Simple Moving Average (100)8717.09Buy
Exponential Moving Average (200)8187.49Buy
Simple Moving Average (200)7880.86Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)9091.50Neutral
Volume Weighted Moving Average (20)9069.22Sell
Hull Moving Average (9)8921.76Sell

Oscillator indicators

Oscillators are mostly neutral today and some more have flipped to indicate sideways momentum.

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)43.83Neutral
Stochastic %K (14, 3, 3)52.84Neutral
Commodity Channel Index (20)−33.45Neutral
Average Directional Index (14)37.44Neutral
Awesome Oscillator−530.91Neutral
Momentum (10)27.79Buy
MACD Level (12, 26)−163.52Sell
Stochastic RSI Fast (3, 3, 14, 14)86.78Neutral
Williams Percent Range (14)−42.32Neutral
Bull Bear Power−68.87Neutral
Ultimate Oscillator (7, 14, 28)55.75Neutral

What the price charts say…

Volume and price volatility currently is very high. Halving, which is due any-day now, is showing its impact and the volatility currently is high from last few weeks. 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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